Before the bell: futures fall as oil jumps 4% on Trump's Iran rejection; gold drops 3%, Nvidia adds $150 billion buyback

U.S. stock futures were lower early Monday after President Trump rejected Iran's proposal to reopen the Strait of Hormuz, sending oil and bond yields higher at the start of a heavy data week. December S&P 500 e-mini futures were at 7,762.50 at 7:07 a.m., down 0.5% from Friday's 7,803.75 settlement, and Nasdaq-100 futures were down 0.9% at 30,598.75, on Yahoo Finance quotes. Dow futures were off 300 points, or 0.6%, and Russell 2000 futures 0.7%. Friday's session: our close. Live levels: markets board.

Oil: the Hormuz offer is off the table

November Brent crude traded 4% higher at $108.48 a barrel at 6:35 a.m., its highest since Sept. 15, and November WTI rose 4% to $96.16, CNBC reported. Trump confirmed he had turned down Tehran's latest offer, telling reporters: "They made a proposal but I rejected it." Iran's foreign minister had said on Friday the strait could reopen within seven days if Washington met conditions that included lifting the naval blockade and releasing Iranian assets. That offer pulled WTI down $2.20 on Friday to a $92.41 settle; at $96.35 on Yahoo this morning, it has more than erased that drop. Chart: crude oil.

Yields: the 10-year back above 5.2%

The 10-year Treasury yield rose more than 3 basis points to 5.219% and the 2-year more than 5 basis points to 4.916%, CNBC reported. The official Friday close was 5.17% for the 10-year, on Treasury data, after touching its highest level since June 2007 on Thursday. The detail worth noting is that the 2-year is rising faster than the 10-year this morning. That is the market leaning harder on a Fed hike rather than just demanding more to hold long bonds. Chart: 10-year T-note.

Gold and silver: the biggest move on the board

Gold futures fell 3.3% to $4,176.80 and silver futures 5.1% to $61.52 around 5:40 a.m., CNBC reported, as higher yields raised the cost of holding metal that pays no interest. December gold was at $4,183.90 on Yahoo at 7:07 a.m. against Friday's $4,321.20 settle, a drop of about $137 an ounce. Newmont was $115.50 premarket, down 4.9%, on Nasdaq quotes. Chart: gold.

Who it hits

Every $1 on a barrel of crude is about 2.4 cents a gallon, since a barrel holds 42 gallons. This morning's roughly $3.94 jump in WTI works out to about 9 cents a gallon if it passes through fully to fuel, which takes time and is never exact. For a delivery or trucking business burning 2,000 gallons of diesel a month, that is about $190 a month (our calculation). For home buyers, Freddie Mac's 30-year average was 7.03% last Thursday, about $2,669 a month in principal and interest on a $400,000 loan. With the 10-year higher since then, this Thursday's reading is the one to watch.

On the calendar

No major U.S. economic data is scheduled today, according to CNBC's calendar. The week gets busy from Tuesday: JOLTS and consumer confidence, then August PCE inflation on Wednesday and the September jobs report on Friday, Oct. 2. Earnings this week include Carnival (Tuesday), Micron (Wednesday) and Nike (Thursday). Full preview: week ahead for futures traders and our calendar.

Movers

• Nvidia: $228.71 premarket, up 1.6%, after the board authorized another $150 billion of buybacks, lifting the total remaining authorization to $235 billion. Against a market value of about $5.51 trillion on Nasdaq data, the new money is about 2.7% of the company, and the full $235 billion about 4.3%. At Friday's $225.07 close, $150 billion would buy roughly 666 million shares (our calculation). Nvidia separately launched an open safety platform for AI agents.
• Precious-metals miners: Sibanye Stillwater was down 7.9% and Harmony Gold 7.5% in premarket trading, and silver miner Hecla 5.6%, per CNBC.
• Crypto: Bitcoin was $82,981 on Coinbase, down 2.2% from its 24-hour open, and Ether $2,660, down 1.8%.

Sources: CNBC, NVIDIA, U.S. Treasury, Freddie Mac, Yahoo Finance, Nasdaq.com premarket quotes, Coinbase Exchange, Chronicle markets board. Fuel and payment figures are our calculations. Premarket prices move quickly and early volume is thin. This is market information, not investment advice.