US stock futures were muted to kick off a week of earnings and inflation data, with the major indexes within reach of all-time highs.

Futures on the Dow Jones Industrial Average (YM=F) edged lower by 0.1%, while those on the S&P 500 (ES=F) and Nasdaq-100 (NQ=F) gained slightly after a winning week for the major indexes.

Investors are in wait-and-see mode after Iran teased that an elusive deal to open the Strait of Hormuz is “very close.” Oil prices were slightly higher on Monday, with global benchmark Brent crude futures (BZ=F) trading at $84 per barrel after plenty of will-they, won’t-they speculation surrounding the Hormuz reopening.

Investors are also awaiting the latest Consumer Price Index (CPI) reading on Wednesday, which could change the narrative on inflation. Federal Reserve officials remain divided on whether to raise interest rates as they monitor the oil shock from the war in the Middle East and the subsequent impact on inflation. A surprisingly weak jobs report on Friday took some of the pressure off the Fed, though policymakers have said they are prepared to act if inflation comes in hotter-than-expected.

The earnings calendar is lighter than in recent weeks, with over 80% of S&P 500 companies already having reported. However, several AI infrastructure companies, including CoreWeave (CRWV), Nebius (NBIS), Cerebras Systems (CBRS), and Super Micro Computer (SMCI), will broaden investors’ understanding of the AI build-out.