07:38 AM EDT, 04/07/2026 (MT Newswires) -- The benchmark US stock measures were trending lower before the opening bell Tuesday ahead of President Donald Trump's deadline for Iran to reopen the key Strait of Hormuz.

The S&P 500 was down 0.4% and the Nasdaq lost 0.6% in premarket activity, while the Dow Jones Industrial Average lost 0.3%. The indexes finished the previous trading session higher, with the Nasdaq and the S&P 500 posting a fourth straight increase.

Trump's latest deadline for Iran to reopen the Strait of Hormuz or face destructive attacks is set to expire at 8 pm ET, with no immediate signs of a diplomatic breakthrough to end the war.

"We're giving them till tomorrow, 8 o'clock Eastern time, and after that, they're going to have no bridges," Trump told reporters at the White House Monday, according to NBC News. "They're going to have no power plants."

Iran has rejected a proposal conveyed by intermediaries for a temporary ceasefire, Reuters reported Tuesday, citing a senior Iranian source.

On Monday, JPMorgan ( JPM ) Chief Executive Jamie Dimon said that supply disruptions caused by the Iran war could keep inflation and interest rates higher than expected.

Separately, International Monetary Fund Managing Director Kristalina Georgieva reportedly said that "all roads now lead to higher prices and slower growth" as a consequence of the war.

West Texas Intermediate crude oil was up 1.8% at $114.52 per barrel before the open Tuesday, while Brent rose 0.6% to $110.40.

UnitedHealth Group ( UNH ) and CVS Health ( CVS ) rose more than 6.5% each before the open, while Humana (HUM) surged 11%, as the Centers for Medicare and Medicaid Services finalized a proposal to raise payments to Medicare insurers by 2.48% on average next year. Broadcom ( AVGO ) gained 3.6% after the company announced a long-term agreement to develop chips for Alphabet's (GOOG, GOOGL) Google ( GOOG ).

Tuesday's thin economic calendar has the durable goods orders report for February at 8:30 am. Chicago Fed President Austan Goolsbee is set to speak at 12:35 pm, while remarks from Fed Vice Chair Philip Jefferson are due at 5:50 pm.

Levi Strauss (LEVI) is scheduled to release its latest financial results after the markets close.

Gold slipped 0.6% to $4,657 per troy ounce, while bitcoin fell 1.9% to $68,296.