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US stock futures fell after the US said it had launched strikes against Iran.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) fell roughly 0.3%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) tumbled 0.4%.
In a post on X, US Central Command confirmed forces launched “self-defense” strikes against Iran. Meanwhile, Iranian media reported that Qaeshm Island in the Strait of Hormuz had been attacked with around six explosions, according to Bloomberg.
Tensions between the US and Iran ramped back up after a US Apache helicopter was downed on Monday near the Strait of Hormuz. On Tuesday, President Trump said Iran had attacked the helicopter and vowed a response.
Stocks closed mixed in day trading on Tuesday as investors rotated out of the AI trade amid concerns the protracted war with Iran could force the Federal Reserve to hike rates in response to rapidly rising prices.
Investors will get further insight into the dynamic on Wednesday with the release of May’s CPI report. Analysts expect the report to show prices rose again, which would up bets on a rate hike landing this year.
On Wednesday after the bell, Oracle (ORCL) is set to report its earnings results. Investors will pay attention to the details of the company’s cloud business, which counts OpenAI as a customer, amid fluctuations in the AI trade.
The main event of the week lands Friday, with the expected IPO of Elon Musk’s SpaceX (SPCX). The company’s debut is expected to mark the largest public offering in history.
Coming soon
Stock market coverage for Wednesday, June 10, 2026.
