US futures muted as markets weigh Iran talks, inflation data

Futures tied to Wall Street indices were largely subdued on Monday, June 22, as investors assessed developments in US-Iran peace negotiations and positioned ahead of key inflation data that could shape the Federal Reserve’s policy outlook.

S&P 500 futures slipped 0.1%, while Nasdaq-100 futures hovered near the flatline. Dow Jones Industrial Average futures were little changed, reflecting a cautious start to the week following Friday’s holiday closure.

Market sentiment remained cautious as investors tracked diplomatic signals from Iran and intermediaries suggesting progress toward a potential framework agreement. Reports indicated that discussions involving US and Iranian officials have outlined a roadmap toward a possible deal within 60 days, easing some geopolitical concerns.

In individual movers, Micron Technology gained more than 4% ahead of its quarterly earnings release due on Wednesday, with investors positioning for updates on semiconductor demand and artificial intelligence-related growth trends. In contrast, SpaceX shares extended losses, falling nearly 5% and heading toward a third consecutive decline.

Brent crude last traded around $79 a barrel, while US West Texas Intermediate hovered near $76, as traders balanced geopolitical risk against hopes of improved supply stability through key shipping routes.

The broader focus remains on upcoming US inflation data, particularly the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation. The reading is expected to play a crucial role in shaping expectations around interest rates, after policymakers recently struck a more cautious tone on the pace of monetary easing.