US Pre-Market: US-Iran Negotiations Suffer Another Setback, Brent and WTI Futures Return to $100. Precious Metals Diverge, Market Relatively Cautious
U.S. stock index futures saw slight pre-market pressure on May 11, reflecting market caution after recent gains. WTI crude oil futures surged over 5%, with Brent crude up more than 4.5%. Spot gold declined over 1%, while silver rose over 1%. Iran's proposal to lift oil sanctions was deemed "completely unacceptable" by President Trump. Lumentum is set to join the Nasdaq 100, replacing CoStar. Intel's pre-market gains widened on news of a preliminary chip manufacturing agreement with Apple. U.S. Treasury yields continued to rise, and Circle reported revenue growth but a net profit decline in Q1 due to crypto volatility.
TradingKey - Before the U.S. market opened on Monday, May 11, futures for the three major U.S. indices were under slight pressure as the market remained relatively cautious following previous significant gains.
WTI crude oil futures once rose more than 5%, with Brent crude concurrently rising over 4.5%; spot gold fell more than 1% under pressure, breaking below the $4,700 mark, while silver showed relative resilience, gaining over 1% at one point.
Regarding news flow: Earlier, in its proposal to the U.S., Iran requested that the U.S. Treasury Department's Office of Foreign Assets Control revoke sanctions related to Iranian oil sales within 30 days. Trump explicitly stated that Iran's proposal was completely unacceptable and accused Iran of long-term stalling and toying with the U.S. in negotiations.
Market Movement
Lumentum rose more than 5% in pre-market trading. Nasdaq officially announced on May 8 that Lumentum (LITE.US) will be added to the Nasdaq 100 Index before the market opens on May 18, replacing real estate data firm CoStar (CSGP.US), whose stock price has halved this year.
Intel's U.S. pre-market gains expanded to 5%. Apple and Intel have reached a preliminary chip manufacturing agreement, according to reports.
U.S. Treasury yields across short, medium, and long-term maturities continued to climb. Markets are betting on what Wall Street calls the "NACHO trade"—standing for "Not A Chance Hormuz Opens."
Stablecoin issuer Circle saw revenue growth but a decline in profit in the first quarter. Circle's first-quarter revenue grew 20%, while net income declined. Stablecoin issuer Circle Internet reported a 20% increase in first-quarter revenue, but net profit fell due to volatility in the cryptocurrency market.
Market Highlights
Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated at a press conference that Iran will make decisions and consider various options at the appropriate time regarding the nuclear issue, relevant materials, and matters related to uranium enrichment.
China's Foreign Ministry announced on May 11 that U.S. President Donald Trump will conduct a state visit to China from May 13 to 15. In an interview broadcast on May 10, Trump expressed that he is looking forward to visiting China and believes the trip will be spectacular.
Key Data/Events Preview
The U.S. Senate will hold a final confirmation vote on the nomination of Kevin Warsh as the 17th Chair of the Federal Reserve
U.S. Treasury Secretary Bessent visits Japan to meet with the Prime Minister, the central bank governor, and the finance minister
U.S. April CPI YoY Not Seasonally Adjusted (%)
Bank of Japan releases Summary of Opinions from the April Monetary Policy Meeting
Eurozone Q1 Seasonally Adjusted GDP
U.S. President Trump pays a state visit to China
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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