Stock futures were falling after President Donald Trump called Iran’s response to the U.S. plan to end the Middle East conflict totally unacceptable.
“I have just read the response from Iran’s so-called “Representatives.” I don’t like it — TOTALLY UNACCEPTABLE!” Trump said in a post on social media.
Just after 6 p.m. Eastern time, Dow Jones Industrial Average futures shed 160 points or 0.3%, while S&P 500 and Nasdaq 100 futures both fell 0.3%.
Average U.S. gasoline prices have risen to $4.522 a gallon as of Sunday, up from $4.153 a gallon last month, according to AAA, amid the ongoing bottleneck at the Strait of Hormuz. Gasoline pump prices are averaging $6.154 a gallon in California and $5.763 a gallon in Washington state.
Energy Secretary Chris Wright told NBC’s Meet the Press on Sunday that “Gasoline and diesel prices are up, and they will remain up while this conflict’s in place, and then they will come back down. And ultimately they’ll come back down lower than they were before.”
Iran formally gave its response to the latest U.S. proposal to end the war to Pakistani mediators, according to IRNA, which is Iran’s official news agency.
The back and forth on Iran comes as U.S. and Chinese officials put the final touches on Trump’s visit to Chinese leader Xi Jinping in Beijing later this week.
Trump will arrive in Beijing late Wednesday, attend a state banquet on Thursday, and join Xi Jinping on Friday for a bilateral tea and working lunch before returning home. White House principal deputy press secretary Anna Kelly said discussions will touch on the proposed U.S.-China board of trade and the U.S.-China board of investment.
The U.S. delegation intends to discuss trade in industries and goods in the aerospace, agriculture, and energy sectors, including seeking purchase commitments from China, senior administration officials said during a background briefing with reporters on Sunday.
All three major U.S. stock indexes finished up last week, with the S&P 500 and the Nasdaq Composite both notching fresh record closes.
The S&P 500 ended last week up 2.3%, posting its largest six-week percentage gain since the week ending May 16, and its 15th record close this year, according to Dow Jones Market Data. This is its longest winning streak since the six weeks ending Oct. 18, 2024.The S&P 500 is up 8.1% this year.
The tech-heavy Nasdaq Composite closed the week up 4.5%, posting its largest six-week percentage gain since the week ending April 17, 2009, and its 11th record close this year. This is Nasdaq’s longest winning streak since the week ending Oct. 25, 2024.The Nasdaq is up 12.9% this year.
The Dow Jones Industrial Average ended the week up 0.2%, and is up 3.2% year to date.
Write to Janet H. Cho at janet.cho@dowjones.com
