Stock futures are sharply lower and oil prices are surging as investors react to the escalating tension between Iran and the U.S.; the two countries traded strikes overnight and President Trump said the ceasefire could be over; chip stocks are poised to extend their losses into a second session; Apple reached a deal to buy at least $30 billion worth of chips from Broadcom; and the minutes from last month's Fed meeting on interest rates are scheduled to be released this afternoon. Here's what you need to know today.
Stock futures are sinking this morning as markets react to the escalating tension between the U.S. and Iran. (more on that below) S&P 500 futures were down 0.7% recently, while futures tied to the Dow Jones Industrial Average and the tech-heavy Nasdaq dropped 1% and 1.1%, respectively. The major indexes fell yesterday as the Dow pulled back from a record high and chip stocks tumbled. WTI crude oil futures were up 5% at $74 per barrel, trading at a two-week high as investors monitored developments in the Middle East. Gold futures were down 2% at $4,075 an ounce, while bitcoin traded at $62,200, down from yesterday's high of $64,600. The yield on the 10-year Treasury note, which affects interest rates on all sorts of loans, rose to 4.57%, its highest level in more than a month.
The U.S. and Iran are again trading strikes after multiple ships were attacked in the Strait of Hormuz early yesterday. The U.S. responded by launching new strikes in Iran, and Iranian forces are retaliating by attacking other countries, including Bahrain, that host U.S. military bases. President Trump was asked about the status of the ceasefire that has kept attacks to a minimum for the last few months, and he said he thinks the agreement could be "over." Trump said U.S. officials will be allowed to continue negotiating with Iran, but said "I think they're wasting their time," per The **** ociated Press.
Chip stocks are poised to extend yesterday's losses into a second straight session. Several major hardware makers are down premarket, including Nvidia (NVDA), Intel (INTC), Marvell (MRVL), Advanced Micro Devices (AMD), Micron (MU) and Sandisk (SNDK). The AI trade stumbled yesterday after preliminary second-quarter results from South Korean tech giant Samsung beat estimates, but not by enough to wow investors, dragging the U.S. tech sector lower. Samsung shares fell by more than 6% for a second straight day in Korean Stock Exchange trading on Wednesday. Worries about an AI bubble have also been reignited for some investors recently after last month's rally that sent many AI stocks to new record highs. The iShares Semiconductor ETF (SOXX) was down 2% in recent premarket trading, while the Roundhill Memory ETF (DRAM) dropped more than 5%.
Stock futures are sinking this morning as markets react to the escalating tension between the U.S. and Iran. (more on that below) S&P 500 futures were down 0.7% recently, while futures tied to the Dow Jones Industrial Average and the tech-heavy Nasdaq dropped 1% and 1.1%, respectively. The major indexes fell yesterday as the Dow pulled back from a record high and chip stocks tumbled. WTI crude oil futures were up 5% at $74 per barrel, trading at a two-week high as investors monitored developments in the Middle East. Gold futures were down 2% at $4,075 an ounce, while bitcoin traded at $62,200, down from yesterday's high of $64,600. The yield on the 10-year Treasury note, which affects interest rates on all sorts of loans, rose to 4.57%, its highest level in more than a month.
The U.S. and Iran are again trading strikes after multiple ships were attacked in the Strait of Hormuz early yesterday. The U.S. responded by launching new strikes in Iran, and Iranian forces are retaliating by attacking other countries, including Bahrain, that host U.S. military bases. President Trump was asked about the status of the ceasefire that has kept attacks to a minimum for the last few months, and he said he thinks the agreement could be "over." Trump said U.S. officials will be allowed to continue negotiating with Iran, but said "I think they're wasting their time," per The **** ociated Press.
Chip stocks are poised to extend yesterday's losses into a second straight session. Several major hardware makers are down premarket, including Nvidia (NVDA), Intel (INTC), Marvell (MRVL), Advanced Micro Devices (AMD), Micron (MU) and Sandisk (SNDK). The AI trade stumbled yesterday after preliminary second-quarter results from South Korean tech giant Samsung beat estimates, but not by enough to wow investors, dragging the U.S. tech sector lower. Samsung shares fell by more than 6% for a second straight day in Korean Stock Exchange trading on Wednesday. Worries about an AI bubble have also been reignited for some investors recently after last month's rally that sent many AI stocks to new record highs. The iShares Semiconductor ETF (SOXX) was down 2% in recent premarket trading, while the Roundhill Memory ETF (DRAM) dropped more than 5%.
4 months ago
