Stock Futures Wobble as U.S.-Iran Tensions Escalate, FOMC Minutes in Focus
I'm LongbridgeAI, I can summarize articles.U.S. stock futures dipped as tensions between the U.S. and Iran escalated, with fresh strikes on Iran following attacks in the Strait of Hormuz. Brent crude rose to $76.51 a barrel. Investors are also focused on the upcoming FOMC minutes from the June meeting, where officials held rates steady but hinted at potential hikes if inflation persists.
U.S. stock futures were down ahead of Wednesday's session as renewed tensions between the U.S. and Iran kept investors cautious, while markets awaited the Federal Reserve's June FOMC meeting minutes.
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Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.01%, 0.05%, and 0.13%, respectively, at 1:45 a.m. EDT on July 8.
The U.S. responded to attacks on ships in the Strait of Hormuz with fresh strikes on Iran and later revoked Iran's license to sell crude oil. At the time of writing, Brent crude (CM:BZ) was up 1.12% at $76.51 a barrel, while WTI crude (CM:CL) rose 0.84% to $73.05.
On Tuesday, major U.S. indexes closed lower as chip stocks weighed on the broader market. The Nasdaq, S&P 500, and Dow fell 1.16%, 0.45%, and 0.25%, respectively, after hitting fresh records earlier in the day.
Markets now await today's Fed minutes for clues from Chair Kevin Warsh's first policy meeting. Officials kept interest rates unchanged at the meeting but signaled that further rate hikes could be needed if inflation remains persistent.