US equity futures retreated during Thursday’s premarket session following a directive from Iran’s supreme leader prohibiting the export of enriched uranium. This development raised serious questions about the viability of ongoing peace negotiations between Washington and Tehran.
Dow Jones Industrial Average futures decreased 0.2%. Futures for the S&P 500 similarly lost 0.2%, while contracts for the Nasdaq 100 slid 0.4%.
The three primary benchmarks had ended a three-day decline on Wednesday following President Trump’s announcement that the US was nearing the conclusion of negotiations with Iran.
Trump stated Wednesday that he was prepared to allow “a couple of days” for Iran to consider the most recent US peace framework. The supreme leader’s uranium export ban swiftly erased that market confidence.
Nvidia unveiled first-quarter financial results Wednesday evening, surpassing analyst projections for both earnings and revenue. The artificial intelligence semiconductor manufacturer also provided an optimistic outlook for chip demand.
Nvidia Earnings Smash Expectations
Nvidia $NVDA delivered another huge AI-driven quarter, with revenue, EPS, data center sales and guidance all coming in ahead of Wall Street forecasts
pic.twitter.com/BjjN9d80SK
— Wall St Alpha (@WallStAlphaPro) May 21, 2026
Nevertheless, market participants had anticipated a more robust performance. The revenue guidance exceeded expectations by a narrower margin than investors had become accustomed to, leaving shares essentially unchanged in early premarket activity.
Deutsche Bank’s analyst Jim Reid observed that even with remarkable growth and a 75% gross margin, the modest guidance improvement generated a tepid market reaction.
Oil prices advanced significantly Thursday morning as the US-Iran diplomatic impasse persisted. Brent crude surged back above the $106 per barrel threshold, while West Texas Intermediate jumped 2.5% to approximately $100.67.
Elevated oil prices have pressured bond markets throughout this geopolitical crisis. Investors worry that escalating energy expenses could accelerate inflation, potentially prompting the Federal Reserve to implement additional interest rate increases.
The 10-year Treasury note yield climbed 3 basis points during early trading to reach 4.62%.
Moments after Nvidia released its quarterly results, SpaceX submitted its S-1 registration filing with the Securities and Exchange Commission. The document provided public investors with an unprecedented glimpse into the company’s financial position before its scheduled June investor presentations.
Earnings season continues its final stretch this week. Walmart, Ross Stores, Workday, and Zoom Communications are scheduled to announce quarterly results on Thursday.
Market participants will remain focused on any developments regarding Iran negotiations, which continue to serve as the primary catalyst for market sentiment entering today’s trading session.
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