US pre-open: Stocks mixed as hopes for Hormuz deal fade

10th Aug 2026 10:46

(Sharecast News) - Wall Street futures were mixed ahead of the bell on Monday as optimism over a potential US‑Iran agreement to reopen the Strait of Hormuz faded.

As of 1220 BST, Dow Jones futures were down 0.13%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.06% and 0.21% firmer, respectively.

The Dow closed 151.83 points higher on Friday as a much weaker-than-expected non-farm payrolls report made a September rate hike from the Federal Reserve appear unlikely.

However, investor sentiment weakened prior to the open after Iran said that it was not engaged in any direct negotiations with Washington on restoring free passage through the key shipping corridor.

Iran's foreign minister Abbas Araghchi said there was "no possibility of restarting negotiations" if the US continued to violate the pair's June memorandum of understanding, without compensating for its "violations".

As a result, West Texas Intermedia crude rose 1.69% to $79.50 a barrel on as traders reassessed the geopolitical backdrop, while international benchmark Brent crude also moved 1.69% higher to $84.96 a barrel.

Hopes for a breakthrough had been lifted last week after Treasury Secretary Scott Bessent told CNBC a deal was close. However, Donald Trump later told Axios on Sunday that the US was "only semi‑negotiating" with Iran and intended to maintain economic pressure.

No major corporate earnings or data points were scheduled for release on Monday.

Reporting by Iain Gilbert at Sharecast.com