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US stock futures made slight gains as investors braced for ongoing Israel-Iran hostilities that could draw in the US, along with the Federal Reserve’s upcoming interest rate decision.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.1%, contracts on the benchmark S&P 500 (ES=F) gained 0.2%, and Nasdaq 100 futures (NQ=F) moved 0.2% up.
President Trump met with his national security team on Tuesday to discuss Israel and Iran, raising speculation that the US could join Israel’s attack. The White House did not provide any details on the meeting, and the president spoke with Israeli Prime Minister Benjamin Netanyahu afterward. Iran has reportedly readied missiles for strikes on US bases in the event the US takes action.
Stocks fell during the day on Tuesday and oil jumped as Trump appeared to more directly align with Israel’s aims in Iran, saying “our patience is wearing thin” and calling for “unconditional surrender” from Iran. Reports also circulated ahead of his national security meeting that the president is seriously considering joining Israel’s strikes. The developments marked a dramatic shift from the day before, when Iran said that it wanted to reach a ceasefire and return to the negotiating table on its nuclear program.
Read more: The latest on Trump’s tariffs
Prior to Israel’s opening salvo on Iran Friday, Wall Street anticipated the Fed’s next interest rate announcement would dominate market news this week. The central bank is due to reveal its decision on Wednesday at 2 p.m. ET, and analysts expect policymakers to hold rates steady. The Fed’s “dot plot” and Fed Chair Jerome Powell’s comments at a 2:30pm ET press conference will be in high focus as investors seek clues as to whether two rate cuts are still on the table this year.
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Oil gains maintained with potential US involvement in Israel-Iran conflict in focus
Oil is holding gains after spiking to a five-month high on Tuesday. Concerns over the US joining the ongoing conflict between Israel and Iran continue to bolster the value of the commodity.
Bloomberg reports:
Brent (BZ=F) traded above $76 a barrel after closing 4.4% higher in the previous session, while West Texas Intermediate (CL=F) was near $75. President Donald Trump met with his national security team on Tuesday, after demanding Iran’s “UNCONDITIONAL SURRENDER” and warning of a possible strike against the country’s leader — Ayatollah Ali Khamenei — in a social media post.
Iran’s crude-exporting infrastructure has been spared so far, and most of the fallout has been confined to shipping. The Middle East produces around a third of the world’s oil and a wider conflict could drive prices even higher.
The biggest concern for the oil market centers on the Strait of Hormuz, although there are no signs that Iran is seeking to disrupt shipping through the narrow waterway. About a fifth of the world’s daily crude output passes through the strait at the entrance to the Persian Gulf.
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