Pre-Market Update: US Stock Futures Fall as US-Iran Tensions Send Oil Prices Higher
TLDR
- US stock futures fell Tuesday with Nasdaq 100 futures down over 1% as US-Iran tensions escalated
- President Trump threatened to bomb Oman over the Strait of Hormuz, sending oil prices surging
- Brent crude hit $91 per barrel and WTI rose to around $85, the highest in over two weeks
- The 30-year Treasury yield climbed to 5.33%, near a 19-year high
- Chip and memory stocks led pre-market losses, with Sandisk, Western Digital, and Seagate all falling
US stock futures pointed lower Tuesday morning as rising tensions between the US and Iran pushed oil prices higher and bond yields continued their climb.
Nasdaq 100 futures dropped around 1.1%. S&P 500 futures fell 0.4% to 0.6%. Dow Jones futures slid roughly 22 to 58 points, hovering near flat.
The losses followed a rough Monday session, when all three major indexes closed in the red after President Donald Trump threatened military action against Oman if it interfered with US efforts near the Strait of Hormuz.
Oil Prices and Bond Yields Rise
Trump said he intends to inflict more economic pain on Iran and would consider bombing Oman if it blocked access to the Strait. That sent oil prices sharply higher early Tuesday.
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