Stock market today: Dow, S&P 500, Nasdaq futures climb as Iran war, inflation jitters set to send stocks to another losing week
US stock futures edged higher Thursday night as investors reacted to fresh remarks that appeared to dial back some of the market’s anxiety tied to the US-Isreali war with Iran.
Futures linked to the Dow Jones Industrial Average (YM=F) rose about 115 points, or 0.2%, while S&P 500 (ES=F) and Nasdaq 100 futures (^IXIC) also advanced roughly 0.3%.
Despite the late rebound, major indexes are still tracking toward a fourth consecutive weekly decline. Heading into Friday, the S&P 500 (^GSPC) is down about 0.4% for the week, the Dow (^DJI) roughly 1.2%, and the Nasdaq Composite (^IXIC) about 0.1%.
Both the Dow and Nasdaq are approaching correction territory, sitting around 8% below their recent record highs. The S&P 500 remains about 5% off its peak.
Earlier in Thursday's session, equities moved lower before recovering off their worst levels. Sentiment improved after Netanyahu said Israel was supporting the US through intelligence and other channels aimed at reopening the Strait of Hormuz. He also claimed that the conflict may be shorter-lived than the public fear, despite it already lasting longer than expected.
Oil prices reacted sharply to those developments. Brent (BZ=F) crude futures fell close to 2% on the news, West Texas Intermediate (CL=F) crude futures dropped around 1.3%.
While the Fed signaled one cut could still be on the table this year, investors are expecting rates to remain as they are. Especially following comments from Chair Jerome Powell.
On the corporate front, earnings season is mostly wrapped for the quarter, next week sees GameStop (GME) and Carnival (CCL) issue reports.