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Stock futures were little changed early Tuesday as investors weighed signs of progress toward reopening the Strait of Hormuz against lingering doubts that the U.S. and Iran can reach a broader resolution to the conflict.
Futures for the Dow Jones Industrials gained 33 points, or 0.1%, to 54,096.
Futures for the S&P 500 took on 11.5 points, or 0.2%, to 7,788.25
Futures for the NASDAQ Composite pointed upward 92 points, or 0.3%, to 29,829.
Shares in Intel fell slightly after upsizing a common stock offering to $20 billion from $15 billion. The proceeds, Intel said, would be used for “general corporate purposes.”
Hims & Hers Health shares fell 6% after the telehealth company trimmed the upper end of its full-year EBITDA outlook. Hims & Hers also posted a net loss of 37 cents per share for Q2, compared with a profit of 17 cents per share in the prior year.
The premarket moves come as oil prices climbed amid uncertainty over the Middle East conflict.
Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S. until several conditions are met.
Iranian Foreign Minister Abbas Araghchi said Sunday there was “no possibility of restarting negotiations” as long as the U.S. continues violating the June memorandum of understanding and does not compensate Iran for those violations, according to the semi-official Tasnim News Agency.
Investors will next turn to a key batch of inflation data, with the July consumer price report due Wednesday and the producer price index out Thursday. The readings could prove particularly important after a weak jobs report complicated the Fed’s outlook.
In Hong Kong, the Hang Seng settled 1.1%, while in Japan, markets were closed for holiday.
Oil prices captured 22 cents to $82.35 U.S. a barrel.
Gold prices soared $25.00 to $4,444.70 U.S an ounce.
