Stock futures are lower Thursday after the major indexes tumbled yesterday amid rising concerns about the Iran war's potential impact on the U.S. economy; Oil prices are on the rise again after multiple energy facilities in the Middle East were attacked by Israel and Iran; Micron shares are sinking despite a better-than-expected earnings report from the memory chip maker; package delivery giant FedEx is scheduled to release results after the closing bell; and Accenture shares are falling after the consulting firm reported results that came in just above estimates. Here's what you need to know today.

Stock futures are losing ground this morning as oil prices rise amid an escalation of the armed conflict in the Middle East. Futures tied to the Dow Jones Industrial Average and S&P 500 were down 0.4% recently, while futures linked to the tech-heavy Nasdaq fell 0.6%. The major indexes fell sharply on Wednesday to snap two-day winning streaks as the Federal Reserve held interest rates steady and Fed Chair Jerome Powell warned that persistently high oil prices could spark inflation. Brent crude futures, the international oil benchmark, were up about 6%, trading at their highest levels in nearly four years. (more on that below) Gold futures were down more than 5% at $4,630 per ounce, their lowest level in more than a month, while bitcoin slipped below $70,000, down from a high on Wednesday near $75,000. The yield on the 10-year Treasury, which influences rates on a range of consumer loans, rose to 4.30% from 4.26% at yesterday's close.

West Texas Intermediate futures, the U.S. oil benchmark, aren't moving much this morning, but Brent Crude futures, the global standard, are surging. Brent crude was up 5.8% at $113.60 per barrel, at its highest levels since Russian invaded Ukraine in 2022. Oil prices have been driven higher recently as Israel struck a key natural gas field owned by Iran, and Iran retaliated by attacking other energy facilities in the Middle East. Continued attacks to vital energy infrastructure, along with the blockage of the Strait of Hormuz, have stoked anxieties that the global oil supply chain could face an extended disruption, and keep oil and gas prices higher for longer.

Shares of Micron Technology (MU) are sinking this morning, a day after the memory chip maker reported fiscal second-quarter results that soared past expectations. Micron said it earned an adjusted $12.20 per share on $23.86 billion in revenue in the quarter, each metric blowing past the record quarter analysts had expected, per Visible Alpha estimates. The company's third-quarter outlook also topped expectations, but plans for increased spending to boost its production capacity this year and in fiscal 2027 may be worrying investors who see the memory cycle hitting its peak. A shortage driven by demand for the memory components to be used in the hardware powering the AI boom has sent prices to record highs, but some investors may be wondering how long those high prices last, especially if Micron and its rivals continue spending on capacity increases. Micron shares were down about 5% before the opening bell after closing at a record high on Wednesday.

FedEx (FDX) later today is expected to report a year-over-year increase in revenue to $23.51 billion, while adjusted earnings per share are seen declining to $4.14, according to consensus analyst estimates from Visible Alpha. FedEx shares set a new all-time high last month as investors grew more bullish on stocks seen as less vulnerable to AI disruption. Investors will likely be looking for updates on FedEx's cost-cutting efforts and plans to spin off its Freight business in the next few months, along with what executives have to say about the latest developments with the Trump administration's tariffs, after FedEx predicted they would hamper shipping demand last year. FedEx shares were little changed premarket.

Accenture (ACN) released better-than-expected results this morning but its stock is losing ground. For its fiscal second quarter, the technology and consulting firm reported earnings per share of $2.93 on $18 billion in revenue, each coming in just above the Wall Street consensus. Accenture also lifted the bottom end of its revenue forecast, and increased its profit outlook for the full fiscal year. The stock entered Thursday down more than 25% since the start of this year as investors have grown worried about businesses such as Accenture that could be disrupted by AI. Concerns about a pullback in government spending have also weighed on Accenture, a major contractor. Accenture shares were down 4% in recent premarket trading.

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