Stock futures are slightly higher this morning after two days of volatile trading, as investors assess the potential impact of the conflict in the Middle East; U.S. officials said Iran’s fighting capacity has been diminished while Saudi Arabia said a strike on an oil processing plant caused little damage; oil prices have stabilized after President Donald Trump said that the U.S. would protect oil shipping; bitcoin is surging, lifting crypto stocks along with it; and chip giant Broadcom is set to report earnings after the closing bell. Here’s what you need to know today.
Stock Futures Rise as Traders Monitor War
Stock futures are ticking higher after a wild few days of trading, as investors keep close tabs on developments in the Middle East. Futures tied to the Dow Jones Industrial Average were up 0.2% recently, while those linked to the S&P 500 and the tech-heavy Nasdaq added 0.3% and 0.5%, respectively. Major indexes closed lower yesterday but well above their intraday lows, as the market rebounded from steep early losses for the second day in a row. At one point Tuesday, the Dow had shed nearly 1,300 points—on track for its worst day since last April’s tariff shock—but the blue chip index ended the day down 400 points.
Oil prices stabilized after two days of big gains that were fueled by concerns about supply disruptions, while bitcoin surged. (more on those markets below.) Gold futures were up 1.2% recently at $5,185 an ounce, recovering from a decline yesterday that came on the heels of a big gain on Monday. The yield on the 10-year Treasury note, which can influence mortgage rates and other consumer loans, was at 4.08%, up from 4.06% at yesterday’s close.
Iran Conflict Enters 5th Day
The conflict in the Middle East moved into its fifth day on Wednesday as U.S. military leaders said that Iran’s ability to launch attacks was declining. U.S. Admiral Brad Cooper, head of U.S. Central Command, said that the U.S. has “severely degraded Iran’s air defenses and destroyed hundreds of Iran’s ballistic missiles, launchers and drones,” according to a Wall Street Journal report. CNN reported that Trump said that Iran’s navy and air force have been “knocked out.” Israel said it has launched another wave of strikes in Iran while also targeting locations in Lebanon. The Saudi Arabia Defense Ministry said an Iranian strike on a Saudi Aramco oil facility caused minor damage that forced a temporary halt in operations, The Journal reported.
Oil Stabilizes After Trump Promises Tanker Protection
Oil prices were little changed after rising sharply the past two days, as President Trump promised to provide insurance and possible Navy protection for oil tankers threatened by Iran. West Texas Intermediate futures, the U.S. crude oil benchmark, were recently down 0.5% at around $74 per barrel, after rising 11% over the past two sessions to its highest level since June. Brent crude futures, the international benchmark, were holding steady at around $81.50 per barrel, after gaining 12% the past two days. Goldman Sachs lifted its forecast for oil prices by $10, with the bank now projecting that Brent crude will average $76 a barrel over the second quarter, up from the prior projection of $66 a barrel. Investors are concerned that a sustained rise in oil prices could spark inflation and weigh on economic activity.
Bitcoin Rises Above $70,000, Lifting Crypto Stocks
Bitcoin surged overnight to eclipse the $70,000 threshold for the first time since mid-February. Bitcoin traded at around $71,300 recently, up from a low yesterday around $66,300. The rising bitcoin price helped lift stocks tied to cryptocurrencies. Shares of major bitcoin buyer Strategy (MSTR) and crypto exchange Coinbase (COIN) were each up about 7% in recent premarket trading, while bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) added 6% and 4%, respectively.
Broadcom Set to Report Earnings Today
Investors will be keeping a close eye on Broadcom (AVGO) results, due after the closing bell, for the latest indication of the state of the AI business. The chipmaker is expected to report adjusted earnings per share of $2.02 on a nearly 29% year-over-year jump in revenue to a record $19.21 billion for its fiscal first quarter, according to estimates compiled by Visible Alpha. Broadcom stock has lost nearly one-quarter of its value from its December high, amid concerns about growing competition, pressures from rising memory prices, and skepticism around the sustainability of AI-driven growth. However, Wall Street analysts have remained bullish on Broadcom, setting a mean target price of around $454. The stock was up about 1% ahead of the opening bell at around $317.
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