Trump Rejects Iran's Ceasefire Proposal, Oil Prices Surge

Nasdaq and S&P 500 futures fell on Monday as crude oil prices surged over 3% after US President Donald Trump rejected a ceasefire proposal from Iran, aiming to resolve the conflict and reopen the Strait of Hormuz.

The spike in energy prices weighed heavily on market sentiment ahead of a crucial week of macroeconomic data releases. Key inflation, manufacturing, and labor market data are scheduled for release, with September consumer confidence data and August JOLTS job openings also set to be published on Tuesday.

Nvidia's shares fell nearly 1% in early premarket trade despite reports that Beijing is considering approval for Chinese tech giants to purchase Nvidia's new RTX Pro 5500 chips. Micron Technology, which is expected to report a massive revenue surge of over 350% year-over-year in its upcoming Q4 earnings on Wednesday, was also under scrutiny.