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(Bloomberg) — US futures were lower in Monday pre-market trading, with sentiment muted and inflation remaining a key concern even as oil prices fell back after surging overnight.
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S&P 500 futures fell 0.2% as of 8:26 a.m. in New York, while Nasdaq 100 contracts were nearly flat. West Texas Intermediate crude oil erased earlier gains, with Iran’s Tasnim claiming the US was said to have proposed a temporary waver on oil sanctions. President Trump on Sunday said the “clock is ticking” after Iranian drones targeted a nuclear power plant in the United Arab Emirates.
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“With the price of diesel now 62% higher than last April, we expect the repercussions of the energy shock to affect all aspects of consumer behavior, and especially household spending on food,” RSM US LLP chief economist Joseph Brusuelas wrote in a Monday note. He sees near-term inflation of 4.5%, with “risk of a faster pace” depending on whether the Strait of Hormuz stays largely closed.
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In merger news, NextEra Energy Inc. was said to be discussing a mostly-stock deal for Dominion Energy Inc. that would value the company at around $66 billion, making it by far the largest power deal on record.
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With results due later this week, Nvidia Corp. added 1.3%. Walmart Inc., which also reports this week, was little changed. Investors are looking for signs about consumer as gasoline and other prices climb.
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Sectors in focus:
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- Space-related stocks like EchoStar Corp., Rocket Lab and AST SpaceMobile climbed as Elon Musk said he’s back in Texas working on plans for an initial public offering of SpaceX.
- Companies discussed in Berkshire Hathaway Inc.’s first filing under newly installed Chief Executive Officer Greg Abel moved ahead of the bell. Delta Airlines Inc. and Macy’s Inc. rallied as the company invested, while UnitedHealth Group Inc. slid after the firm exited. Berkshire also boosted holdings in Alphabet Inc. and shed Amazon.com Inc.
- Energy stocks erased premarket gains after the Tasnim sanctions report. Shares of fuel-hungry travel companies, including American Airlines Group Inc. and Carnival Corp., turned positive.
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—With assistance from Subrat Patnaik, Matthew Griffin and Neil Campling.
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