US stock futures fall after Donald Trump says Iran war will continue for weeks; Dow, Nasdaq futures drop up to 1%
US stock futures declined after President Donald Trump indicated that the Iran war in the Middle East would continue for more weeks.
Futures tied to the Dow Jones Industrial Average dropped 352 points, or about 0.8%, while S&P 500 futures declined 0.8%. Nasdaq 100 futures plunged 1%.
US President Donald Trump said that the US was going to “hit” Iran “extremely hard” in the next 2-3 weeks. In a televised address outlining the latest updates in the US-Iran war, Trump said US forces will “finish the job” in Iran soon as “core strategic objectives are nearing completion.”
“Over the next two to three weeks, we’re going to bring them back to the stone ages where they belong,” the president said.
While US stock futures slipped during Trump’s speech, crude oil prices jumped on damping hopes of a swift resolution to the war, as concerns linger about energy flows through the Strait of Hormuz.
Crude Oil Prices
Crude oil prices spiked after Trump reiterated that US forces would hammer Iran for another two to three weeks.
Brent crude futures surged 4.8% to $106.04 per barrel, while US West Texas Intermediate crude futures rallied 4.2% to $104.29 per barrel.
Dollar
The dollar advanced against major currencies as Trump’s address on Iran shattered hopes for a possible ceasefire in the Middle East conflict.
The dollar index, which measures the greenback against a basket of currencies, climbed to a high of 99.925 after the speech. It last traded up 0.3% at 99.861. The euro stood at $1.1554 and the sterling fetched $1.3254, both down roughly 0.3% versus the dollar. The Japanese yen traded weaker at 159.25.
Gold Rate Today
Gold prices reversed gains and slipped more than 1%, snapping a four-day winning streak, after Trump’s speech on the Iran war.
Spot gold prices fell 1.3% to $4,694.48 per ounce, while US gold futures declined 1.9% to $4,723.70.
Wall Street Overnight
US stock market ended higher on Wednesday, amid signs of an end to the Iran war. The Dow Jones Industrial Average rallied 0.48% to 46,565.74, while the S&P 500 gained 0.72% to end the session at 6,575.32. The Nasdaq closed 1.16% higher at 21,840.95.
Nvidia stock price rose 0.75%, AMD shares gained 3.33%, Alphabet share price advanced 2.79%, while Tesla stock price rallied 2.79%. Intel share price spiked 8.8%, Intuitive Machines shares jumped 9%, Planet Labs stock surged 10%, while Nike shares slumped 15.5%.