Monday morning is serving up a mixed bag for U.S. stock futures. The Dow is trying to eke out a small gain, while the S&P 500 and Nasdaq 100 are pointing lower. The culprit? A fresh round of U.S. strikes against Iran late Sunday that sent crude oil prices higher and injected a dose of caution into markets.

Here's where the major index futures stood as of early Monday:

The SPDR S&P 500 ETF Trust SPY was down 0.32% in premarket at $752.54, while the Invesco QQQ Trust ETF QQQ fell 1.30% to $718.07.

On the geopolitical front, the U.S. Central Command reiterated that Iran does not control the Strait of Hormuz, a key chokepoint for global oil shipments. That didn't stop crude from rallying — more on that later.

Investors are also bracing for a heavy week of economic data. June's Consumer Price Index (CPI) lands Tuesday, followed by Producer Price Index (PPI) on Wednesday, retail sales on Thursday, and housing starts on Friday. Federal Reserve Chair Kevin Warsh will deliver the central bank's semiannual Monetary Policy Report to Congress on Tuesday and Wednesday. The 10-year Treasury yield was at 4.57%, while the two-year sat at 4.22%. According to the CME FedWatch tool, markets are pricing in a 68.5% chance the Fed holds rates steady at its July meeting.

Stocks In Focus

SK Hynix

SK Hynix Inc. SKHYV was up 15.53% in premarket trading Monday. The South Korean chipmaker sold American Depositary Receipts at $149 each, and they opened about 14% above that on Friday at $170 apiece. The stock's price trend is weak across long, medium, and short terms, with a moderate value score, according to market data.

Taiwan Semiconductor

Taiwan Semiconductor Manufacturing Co. Ltd. TSM edged up 0.17% after posting record second-quarter revenue of T$1.27 trillion (about $39.62 billion), driven by AI demand. The stock shows a strong price trend in the short, long, and medium terms, with a solid growth score.

Q32 Bio

Q32 Bio Inc. QTTB jumped 26.49% ahead of its scheduled release of 36-week topline results from Part B of the SIGNAL-AA Phase 2a clinical trial later Monday. The biotech stock has a strong price trend across all time frames and a good value score.

Occidental Petroleum

Occidental Petroleum Corp. OXY rose 1.76% after the company released its second-quarter 2026 earnings preview. It reported average diluted shares outstanding of 1,012.2 million and noted a $156 million negative impact on operating cash flow before working capital from crude oil collar settlements. The stock's price trend is strong in the long term but weak in the short and medium terms, with a good growth score.

FB Financial

FB Financial Corp. FBK slipped 0.14% as analysts expect quarterly earnings of $1.15 per share on revenue of $177.99 million, due after the close. The stock has a strong price trend across all time frames but a poor quality score.

Cues From Last Session

Friday was a mostly positive day for the S&P 500, with materials, consumer staples, and communication services leading the gains. Health care was the laggard. Here's how the major indices finished:

Insights From Analysts

Economist Mohamed El-Erian sees a resilient domestic backdrop, noting that the "economic data front was largely supportive," with solid labor numbers and services sector activity that "remains aligned with tech spending in driving overall economic activity." However, he warns that the market faces "consequential questions" about whether recent tech swings and debt performances could lead to "tighter overall funding conditions for the tech sector."

Looking ahead, El-Erian expects incoming inflation and retail sales data to test whether the U.S. can sustain its "forward-looking disinflationary process" without triggering "a broader, more damaging economic slowdown or consumer exhaustion." Crucially, he anticipates the Federal Reserve under its new leadership to pivot toward "a more strategic, forward-looking view," moving away from the central bank's previous "excessive data dependence."

Upcoming Economic Data

Here's what's on the calendar this week:

• Monday: Fed Vice Chair Michelle Bowman speaks at a Bank Policy Institute roundtable at 5:25 a.m. ET; Fed Governor Christopher Waller speaks at a New York Association for Business Economics event at 12:30 p.m.; June's Monthly Treasury Balance released at 2:00 p.m.; ECB President Christine Lagarde meets with Fed Chair Kevin Warsh at 5:00 p.m.
• Tuesday: June NFIB Small Business Optimism Index at 6:00 a.m.; June CPI, annual CPI, and core CPI at 8:30 a.m.; Fed Chair Kevin Warsh presents Monetary Policy Report to House Financial Services Committee at 10:00 a.m.; Chicago Fed President Austan Goolsbee speaks at 1:00 p.m.
• Wednesday: July Empire State Manufacturing Survey, June PPI, monthly core PPI, and June Personal Consumption data at 8:30 a.m.; New York Fed President John Williams speaks at 8:45 a.m.; Fed Chair Kevin Warsh presents to Senate Banking Committee at 10:00 a.m.; Fed Governor Lisa Cook speaks at 1:00 p.m.; Fed Beige Book at 2:00 p.m.
• Thursday: June Retail Sales, July Philadelphia Fed Business Outlook Survey, and initial jobless claims (week ending July 11) at 8:30 a.m.; May Manufacturing and Trade inventories, July NAHB Housing Market Index, and June Pending Home Sales at 10:00 a.m.; Dallas Fed President Lorie Logan speaks at 12:30 p.m.; Fed Governor Philip Jefferson speaks at 7:00 p.m.
• Friday: June Housing Starts and June Import Prices at 8:30 a.m.; June Industrial Production and Capacity Utilization at 9:15 a.m.; July preliminary University of Michigan Consumer Survey at 10:00 a.m.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were up 2.13% in early New York trading, hovering around $72.93 per barrel, as geopolitical tensions supported prices.

Gold spot fell 1.13% to around $4,074.57 per ounce, while the U.S. Dollar Index slipped 0.09% to 100.8590.

Bitcoin BTC was trading 1.25% lower at $63,115.77 over the past 24 hours.

Asian markets were mixed Monday: China's CSI 300, South Korea's Kospi, and Japan's Nikkei 225 fell, while Australia's ASX 200, Hong Kong's Hang Seng, and India's Nifty 50 rose. European markets were higher in early trade.