Updated 1 min read
US stock futures slumped Wednesday night after equities kicked off the second quarter with modest gains, while investors parsed a national address by the president on the state of the war in Iran.
Futures tied to the S&P 500 (ES=F) fell 1.1% as Nasdaq 100 futures (NQ=F) sank 1.3%. Dow Jones Industrial Average futures (YM=F) dropped 1%.
Markets are making sense of a national address from President Trump, scheduled for 9 pm ET, where he delivered an “an important update on Iran.” Developments in the US-Israeli war against Iran have rattled global markets for weeks and the speech was closely watched for any signs of an end to hostilities, with an open Strait of Hormuz a crucial signifier for stability in energy markets.
Brent crude has surged roughly 40% since the war began in late February. Though a pullback in oil prices this week has bolstered sentiment. US benchmark West Texas Intermediate (CL=F) slipped 1.2% to settle near $100 a barrel, while Brent (BZ=F) fell 2.7% to just above $101.
In a social media post, Trump said Iran’s president had approached the US about a ceasefire, though he indicated any agreement would hinge on reopening the Strait of Hormuz. He stated in his address that US forces will “hit Iran hard” and “send them to the stone age” before withdrawing from Iran within two to three weeks.
Thursday marks the final trading session of the holiday-shortened week ahead of the Good Friday closure. Investors will parse weekly jobless claims data in the morning, with the closely watched March jobs report due Friday.
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Oil surges and US equity futures fall after Trump addresses nation in Iran.
Oil prices jumped and US equity futures fell after President Trump addressed the nation on Wednesday night, where he reiterated his argument that the US is close to completing its goals but said the war is not over yet.
Futures on Brent crude (BZ=F), the international benchmark, reversed from multi-percentage losses to a gain of roughly 4.8%, trading around $106 per barrel after dropping below $100 earlier in the session. Those on US benchmark West Texas Intermediate (WTI) crude (CL=F) reversed from earlier losses to gain roughly 4.2% and trade near $104.30
Futures on the S&P 500 (ES=F) traded down by roughly 1%, while those on the Dow Jones Industrial Average (YM=F) lost a slightly slimmer 0.9% on the session. Contracts on the Nasdaq 100 (NQ=F) lost roughly 1.1%.
Without laying out any truly new information, the president implied Wednesday night that the US would be escalating the conflict in an attempt to end it, noting that the US is sending Iran “back to the stone ages” in an attempt to cripple their ability to threaten global security.
While Trump was reported to have been considering pulling US military out of Iran within two to three weeks while leaving control over the Strait of Hormuz — the world’s most critical energy chokepoint — unsolved, the president did not take a strong stance on the issue Wednesday night.
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As energy surges, the US is set for lower growth and higher inflation, says BofA
As the war in Iran drags on for a fifth week, energy prices have surged, with only mild pullbacks from multiyear highs. The result, according to Bank of America economists, will be slower growth, higher inflation, and oil at $100 per barrel through the rest of 2026.
Yahoo Finance’s Ines Ferré reports:
![i’m-nervous,-too!-[part-2]](https://10xwealthreport.com/wp-content/uploads/2026/03/177042-im-nervous-too-part-2-1568x784.jpg)
