U.S. stock futures mixed on Middle East situation

S&P 500 Futures inched 0.1% higher to 7,786.50 points, Nasdaq 100 Futures gained 0.3% to 29,915.25 points, while Dow Jones Futures traded 0.1% lower at 54,126.0 points

U.S. stock index futures were little changed on early Monday after stock market logged record closing highs last week, as investors turned cautious around the full reopening of the Strait of Hormuz and upcoming inflation figures.

S&P 500 Futures inched 0.1% higher to 7,786.50 points, while Nasdaq 100 Futures gained 0.3% to 29,915.25 points by 06:56 GMT. Dow Jones Futures traded 0.1% lower at 54,126.0 points.

Iranian Foreign Minister Abbas Araqchi said on Sunday that an agreement with Oman to establish new shipping lanes through the strategic waterway was in its final stages.

But he said the agreement would not by itself reopen the strait, with Tehran seeking U.S. compensation, an end to military threats and sanctions, and the lifting of a naval blockade, among other conditions.

The developments cast doubt on hopes for a quick resolution to a crisis that has kept shipping through the world’s major oil chokepoint at a trickle.

Oil prices extended gains in Asian trading on Monday. Higher oil prices could add to inflation pressures and complicate the U.S. central bank’s policy outlook.

Stocks advanced on Friday after data showed the U.S. economy lost 23,000 jobs in July, sharply missing expectations for an 80,000 increase. The report reduced expectations of an imminent central bank rate hike and helped push Treasury yields lower.

On Friday, the Dow Jones Industrial Average advanced 0.3%, the S&P 500 gained 0.6% to a record close, and the NASDAQ Composite added 1.3%.

For the week, the S&P 500 climbed 3.6%, the Nasdaq soared 5.2%, and the Dow jumped 3%.

Attention now shifts to July consumer inflation data due on Wednesday.

Investors will also monitor earnings from companies including Applied Materials Inc, Cisco Systems Inc and CoreWeave Inc, while around 90% of S&P 500 companies have reported quarterly results, with 76% beating earnings expectations.