TLDR
- US stock futures fell Thursday after Iran’s supreme leader said enriched uranium must stay in the country, stalling peace talk hopes
- Dow futures dropped 0.2%, S&P 500 futures fell 0.2%, and Nasdaq 100 futures dropped 0.4%
- Nvidia beat earnings expectations but its sales guidance underwhelmed investors, leaving shares flat
- Oil prices climbed, with Brent crude rising back above $106 a barrel on Iran deadlock fears
- SpaceX filed its S-1 registration statement with the SEC ahead of a planned June investor road show
US stock futures fell in Thursday premarket trading after Iran’s supreme leader issued a directive blocking the export of enriched uranium. The move cast doubt on the progress of peace talks between the US and Iran.
Futures tied to the Dow Jones Industrial Average dropped 0.2%. S&P 500 futures also fell 0.2%, while Nasdaq 100 contracts declined 0.4%.
The three major indexes had snapped a three-session losing streak on Wednesday. That came after President Trump said the US was in the final stages of negotiations with Iran.
Trump added on Wednesday that he was willing to wait “a couple of days” while Iran reviewed the latest US peace proposal. The supreme leader’s uranium directive quickly reversed that optimism.
BREAKING: Iran's Supreme Leader Mojtaba Khamenei has issued a directive that the country's highly enriched uranium should not be sent abroad, per Reuters.
Israeli officials also said that President Trump has assured Israel that any peace deal must include a clause removing…
— The Kobeissi Letter (@KobeissiLetter) May 21, 2026
Nvidia Earnings Draw a Mixed Response
Nvidia reported first-quarter results after the bell on Wednesday, beating analysts’ targets on both profit and revenue. The AI chipmaker also issued an upbeat forecast for chip sales.
Nvidia Earnings Smash Expectations 🚀
Nvidia $NVDA delivered another huge AI-driven quarter, with revenue, EPS, data center sales and guidance all coming in ahead of Wall Street forecasts ⚡ pic.twitter.com/BjjN9d80SK
— Wall St Alpha (@WallStAlphaPro) May 21, 2026
However, investors had expected a stronger signal. The sales guidance beat was smaller than Wall Street had grown used to, and shares were flat in early premarket trading.
Deutsche Bank analyst Jim Reid noted that despite impressive growth and a 75% gross margin, the moderate guidance beat drew a lukewarm response from the market.
Oil Rises as Iran Talks Stall
Oil prices rose sharply on Thursday morning as the US-Iran deadlock continued. Brent crude climbed back above $106 a barrel, while West Texas Intermediate rose 2.5% to around $100.67.
Higher oil prices have weighed on bonds throughout the conflict. Markets are concerned that rising energy costs could push inflation higher, giving the Federal Reserve more reason to hike interest rates.
The yield on the 10-year Treasury note rose 3 basis points in early trading to 4.62%.
Shortly after Nvidia’s results dropped, SpaceX filed its S-1 registration statement with the Securities and Exchange Commission. The filing gave the public a rare look at the company’s finances ahead of a planned investor road show in June.
Earnings season continues to wind down this week. Walmart, Ross Stores, Workday, and Zoom Communications are all set to report results on Thursday.
Investors will be watching closely for any update on the Iran negotiations, which remain the biggest driver of market sentiment heading into the session.
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