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* Futures: Dow up 0.02%, S&P 500 flat, Nasdaq up 0.03%
May 11 (Reuters) - Wall Street futures were subdued on
Monday, taking a breather after a record rally last week, as
investors fretted over signs of stalled talks between the United
States and Iran that pushed oil prices higher.
U.S. President Donald Trump's swift rejection of Iran's
response to a U.S. peace proposal sent crude
surging almost 3%, stoking worries that the 10-week-old conflict
could drag on and keep shipping through the Strait of Hormuz
paralyzed.
U.S. stocks touched fresh peaks last week, with the S&P 500
and the Nasdaq both closing at record highs on
Friday, buoyed by upbeat corporate earnings, a solid monthly
payrolls report and neither U.S. not Iran seeking escalation in
the war.
At 05:44 a.m. ET, Dow E-minis were up 9 points, or
0.02%, S&P 500 E-minis were up 0.25 points, or 0%, and
Nasdaq 100 E-minis were up 8.25 points, or 0.03%.
Investors will now look to Tuesday's consumer price index
data, which is expected to show inflation ticked higher in April
as the Middle East conflict puts upward pressure on energy
prices.
While the U.S.' status as a net oil exporter is expected to
provide some buffer, concerns about the conflict's impact on
consumer demand and companies still linger. Producer prices and
monthly retail sales figures are also due later in the week.
Also on the radar is a meeting between Trump and Chinese
President Xi Jinping later this week, when the two leaders are
set to discuss Iran, Taiwan, artificial intelligence and nuclear
weapons, while also weighing an extension of a critical minerals
deal, according to U.S. officials previewing Trump's two-day
visit to China this week.
The first-quarter reporting season will soon start winding
down, after a much stronger-than-expected performance from
companies, particularly in the technology sector, helped push
stocks to new highs.
Major names this week include tech networking giant Cisco ( CSCO )
and semiconductor equipment maker Applied Materials ( AMAT )
, while heavyweight names Nvidia ( NVDA ) and Walmart ( WMT )
are due to report later in the month.
Among Monday's movers, some airline stocks slipped in
premarket trading as rising oil prices threatened to squeeze
margins. Southwest Airlines ( LUV ), Delta Air Lines ( DAL ) and
United Airlines fell between 0.6% and 1.3%.
U.S.-listed shares of gold miners slipped as bullion prices
declined 1%. Newmont ( NEM ) slipped 1.8%, Sibanye
Stillwater lost 2.4% and Harmony Gold shed
2.2%.
(Reporting by Ragini Mathur in Bengaluru; Editing by Devika
Syamnath)