US Pre-Market: US-Iran Negotiations Hit Another Setback, Brent, WTI Oil Futures Return to $100. Precious Metals Performance Diverges, Market Relatively Cautious.

TradingKey - U.S. stock index futures were under slight pressure in pre-market trading on Monday, May 11, as the market remained relatively cautious following previous significant gains.

WTI crude oil futures jumped more than 5% at one point, with Brent crude rising over 4.5% in tandem; spot gold came under pressure and fell more than 1%, breaking below the $4,700 mark, while silver showed relative resilience, rising over 1% at one point.

On the news front: Previously, Iran requested in a proposal to the U.S. that the Treasury Department's Office of Foreign Assets Control (OFAC) lift sanctions related to Iranian oil sales within 30 days. Donald Trump explicitly stated that the Iranian proposal was completely unacceptable and accused Iran of long-standing stalling and playing games with the U.S. in negotiations.

Market Volatility

Lumentum rose more than 5% in pre-market trading. Nasdaq officially announced on May 8 that Lumentum ( LITE.US) will be officially added to the Nasdaq 100 Index before the market opens on May 18, replacing real estate data company CoStar (CSGP.US), which has seen its stock price halved this year.

Intel's U.S. pre-market gains widened to 5%. Apple and Intel have reportedly reached a preliminary chip manufacturing agreement.

Short-, medium-, and long-term U.S. Treasury yields continued to climb. Markets are betting on what Wall Street calls the "NACHO trade" — "Not A Chance Hormuz Opens."

Stablecoin issuer Circle saw revenue growth in the first quarter, but profit failed to follow suit. Circle's first-quarter revenue grew 20% while net profit fell. Stablecoin issuer Circle Internet reported a 20% increase in first-quarter revenue, but net profit declined due to cryptocurrency market volatility.

Market Headlines

Iranian Foreign Ministry spokesperson Baghaei stated at a press conference that Iran will make decisions and consider various options regarding the nuclear issue, relevant materials, and matters concerning uranium enrichment at an appropriate time.

China's Ministry of Foreign Affairs 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 aired on May 10, Trump said 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 Japanese Prime Minister, the central bank governor, and the finance minister

U.S. April Unadjusted CPI YoY (%)

Bank of Japan releases the Summary of Opinions from the April Monetary Policy Meeting

Eurozone Q1 Seasonally Adjusted GDP

U.S. President Trump pays a state visit to China