US stock futures were roughly flat in premarket trading as the standoff between the US and Iran became more entrenched, raising doubts about progress on a deal to reopen the Strait of Hormuz. President Trump rebuked Iran's demand for war reparations and said he would wait for economic pressure to build, while Iranian foreign minister Abbas Araghchi stated there was no possibility of restarting negotiations until the US compensates Iran for violations of the June memorandum of understanding. Oil prices continued to climb, building anticipation toward Wednesday's Consumer Price Index report, and bets have shifted toward a Federal Reserve rate hike in September after Friday's softer-than-expected jobs report. Cleveland Federal Reserve president Beth Hammack told Yahoo Finance that it may take more than one rate hike to rein in inflation. New fundraising efforts by Intel, Nvidia, and others are renewing scrutiny into the capital-intensive AI build-out, with earnings from CoreWeave and Super Micro Computer after the bell expected to provide insight into the health of the AI hardware business.
