Traders work on the floor of the New York Stock Exchange.

S&P 500 futures edged lower early Monday amid growing doubts that the U.S. and Iran will soon strike a deal to open the Strait of Hormuz.

Futures tied to the broad index were flat, while Nasdaq-100 futures added 0.2%. Dow Jones Industrial Average futures shed 58 points, or 0.11%.

In Asia, Japan's Nikkei 225 added over 0.54% while the Topix was marginally higher. The Kospi gained 0.53% and the small-cap Kosdaq advanced 1.48%. Australia's benchmark S&P/ASX 200 was 0.54% higher.

Investor optimism that the U.S. and Iran might be close to coming to an agreement to allow vessels to freely transit the critical Hormuz strait dimmed over the weekend after Iran denied engaging in any direct negotiations with the U.S. around opening the waterway. WTI crude oil rose 1% to just above $79 a barrel on Sunday.

Last week, Treasury Secretary Scott Bessent's comments to CNBC suggested a deal was imminent. But President Donald Trump told Axios on Sunday that the U.S. was "only semi-negotiating" with Iran and wanted the Middle Eastern country to feel economic pressure.

The three major indexes are coming off their best weeks since April. The S&P 500 finished last week at an all-time closing record.

Stocks got an end-of-week boost on Friday after the July nonfarm payrolls report showed an unexpected contraction, raising hopes for investors that the Federal Reserve will hold off on interest rate hikes. Fed funds futures traders now price in a roughly 44% likelihood that the central bank raises rates at its September meeting, down from a 67% reading seen a week prior, according to CME's FedWatch tool.

"The stock market is likely to welcome the dovish implications of the [jobs] report," said Peter Graf, investing chief at Amova Asset Management Americas. But, "investors should be wary of the future growth potential of an economy where fewer people are working."

Investors will closely monitor consumer and producer price index readings due out this week for the latest insights on inflation. No major economic reports are expected on Monday.

Traders will also be watching for earnings reports due out this week from consumer-facing companies such as On Holding and Cava Group , as well as technology firms including Super Micro and CoreWeave .