Stocks Tumble as Nvidia Earnings and Fed Speech Loom

U.S. stock futures are pointing to a negative open on Monday as investors await key events, including Nvidia's highly anticipated earnings and Fed Chair Kevin Warsh's speech at Jackson Hole.

The Polymarket crowd is leaning slightly bearish for the Aug. 24 trading session, with only a 45% chance of a higher open reflected in the 'S&P 500 (SPX) Up or Down on August 24?' contract.

Equity futures are down, with S&P 500 futures falling 0.11%, Nasdaq 100 futures dropping 0.35%, and Dow Jones futures slipping 0.05%.

The U.S. threatened severe sanctions targeting Iran's trade partners, prompting Iran to vow to shut down all oil exports from the Gulf if the economic war continues. Despite this escalation, oil prices retreated, with Brent crude futures falling 1.47% to $91.31 a barrel and WTI crude declining 1.64% to $85.63 a barrel.