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US stock futures slipped Tuesday, pausing after a sharp rebound on Wall Street that was driven by growing optimism around a potential easing of tensions between Washington and Tehran.
Contracts linked to the S&P 500 (ES=F), the Dow Jones Industrial Average (YM=F), and the Nasdaq 100 futures (NQ=F) all slipped 0.1%.
Oil prices retreated sharply on the news of hostilities potentially winding down, but rebounded as fighting between Iran and the US-Israeli alliance continued. West Texas Intermediate (CL=F) crude rose 2%, back above $90 a barrel, while Brent (BZ=F) jumped back above $101.
Markets soared Monday after President Trump said the US had engaged in “very good and productive” discussions with Iran aimed at resolving hostilities. The positive sentiment faded somewhat after Iranian state media pushed back on the claim, saying that no direct negotiations had taken place.
The developments followed a tense weekend, during which Trump warned of potential strikes on Iranian energy infrastructure if the Strait of Hormuz was not opened. Iran responded with threats targeting US assets, raising concerns about further escalation.
Looking forward, investors will turn their attention to upcoming US manufacturing data due Tuesday morning, as well as eyeing the end of earnings season, with GameStop (GME) due to report after the close.
LIVE 7 updates
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War in Iran complicates data center plans in the region
Major tech companies had major ambitions to build data centers in the Middle East. But now, the war in the region is complicating that picture.
On Monday, Amazon Web Services said its region in Bahrain has been “disrupted” due to drone activity in the Middle East.
This marks the second time since the outbreak of war in Iran that Amazon’s (AMZN) AWS was down in the Bahrain region due to fighting. At the beginning of the month, Iran targeted AWS facilities in the UAE and Bahrain, raising questions about Big Tech’s plans to make the Middle East a regional hub.
According to Constellation Energy Corp. CEO Joe Dominguez, now, the tensions in the region are shifting the focus back to the US.
“One month ago, we would have said there’s going to be a fairly significant data center build-out in the Middle East,” Dominguez said during the CERAWeek, according to S&P Global. “Today, we wake up, and there’s a question mark as to whether more critical infrastructure is going to be built in that region of the world.”
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Premarket trending tickers: Smithfield Foods, Gilead, and Apollo
Smithfield Foods’ (SFD) stock rose 4% before the bell on Tuesday following the board’s raising of the pork producer’s quarterly dividend by 25%, to 31.25 cents from 25 cents.
Gilead Sciences (GILD) stock edged higher on Tuesday during premarket hours after it agreed to acquire the privately held biotech Ouro Medicines.
Apollo Global Management (APO) shares fell 2% after a private credit fund capped withdrawals at 5%.
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Jefferies rises after Japan’s Sumitomo explores buying the US investment bank
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Puig stock jumps after Estée Lauder confirms takeover talks with Charlotte Tilbury maker
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How the Fed has — and hasn’t — responded to previous oil price shocks
Yahoo Finance’s senior reporter Jennifer Schonberger reports:
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Gold falls for 10th consecutive day as Iran war expands
Bloomberg reports:
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Oil climbs on fears of Iran war spreading to other nations in region
Bloomberg reports:
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