US stock market today: S&P 500, Nasdaq futures fall up to 0.6% as crude prices rebound, yields spike

US stock futures opened lower on May 21, 2026, with Nasdaq 100 futures down 0.6% and S&P 500 futures losing 0.4%, as crude oil prices rebounded and bond yields climbed. The Dow Jones Industrial Average futures rose marginally by 0.3%, though overall sentiment remained weak. Crude oil prices surged after Iran’s Supreme Leader stated the country must retain its uranium, undermining hopes for a deal to reopen the Strait of Hormuz. Iran is reviewing a US draft proposal but has yet to provide an official response, leaving investor optimism fragile. The shift followed a brief rally in US indices, which had gained over 1% the prior session after President Donald Trump declared negotiations with Iran were in the 'final stages.' However, Iran’s latest remarks reversed gains, as geopolitical tensions in the nearly three-month-long West Asia conflict kept markets on edge. Despite strong tech stock support, rising bond yields and energy prices have pressured recent record highs. The 10-year US Treasury yield increased over 3 basis points to 4.607%, while the 30-year yield rose to 5.1334%, reflecting heightened borrowing costs. Fed meeting minutes indicated officials may still consider a rate hike this year if inflation stays above the 2% target. Investors remain divided on whether the central bank will act by December or hold rates steady through year-end. Brent crude futures climbed $2.66 to $107.66 per barrel, while WTI crude rose $3 to $101, recovering from earlier declines. Brokerage firm Kotak Securities noted crude prices will remain sensitive to geopolitical developments, Strait of Hormuz shipping flows, and US inventory data. Meanwhile, Vested Finance highlighted a market balancing AI-driven growth optimism against risks from geopolitical tensions and elevated energy prices.