Hormuz Tensions Weigh on US Stock Market Futures

The US stock market is experiencing uncertainty due to renewed tensions over the Strait of Hormuz. President Donald Trump told Axios that the US is 'only semi-negotiating' with Iran, contradicting Iranian officials who denied direct negotiations were underway.

This news has weighed on investors and led to a mixed start for futures Monday morning. The Nasdaq was up 0.4%, while the S&P 500 rose 0.1%. However, the Russell 2000 and Dow futures remained flat with a negative bias.

On the earnings front, Apple is testing memory chips from China's CXMT for iPhones and Macs to navigate tight memory supplies. Taiwan Semiconductor Manufacturing Co. reported a 45% rise in July revenue, reinforcing global demand for AI hardware.