Nasdaq futures edged higher Thursday as investors absorbed the latest military attacks involving the U.S. and Iran. Futures for the Nasdaq 100 and S&P 500 experienced increases of 0.6% and 0.2%, respectively, whereas futures for the Dow Jones Industrial Average saw a decline of 0.1%. Yesterday, major stock indexes concluded the trading session predominantly in the red, while oil prices surged following President Donald Trump’s assertion that he believed the U.S. ceasefire with Iran had come to an end, coupled with threats of additional military action.
Oil prices surged on Wednesday following Trump’s assertion that he believed the U.S.-Iran ceasefire established last month was “over,” and his subsequent declaration that “we’re going to hit them hard tonight.” The U.S. did launch an attack on Iran; however, oil prices experienced only a modest increase early Thursday. West Texas Intermediate futures, the U.S. benchmark, were 0.4% higher at $73.80 per barrel in recent trading, while global benchmark Brent crude futures increased by 0.5% to $78.40.
The Magnificent Seven mega-cap tech stocks exhibited a mixed performance prior to the market opening, following a session in which five of them concluded the day in the red. One of the exceptions Wednesday was Nvidia, which advanced 3.7% to pace the Dow, and shares ticked higher in premarket trading. Elsewhere, AstraZeneca shares sank 9% after a heart-disease drug failed to meet goals; Levi Strauss stock declined 6% after its raised full-year profit projection came up shy of analysts’ expectations; and PepsiCo shares slipped less than 1% after the company reported earnings below estimates.
The 10-year Treasury yield, a critical determinant of interest rates across various consumer loans such as mortgages, stood at 4.58%, showing minimal variation from Wednesday’s closing figure. Gold futures increased by 0.8%, reaching a price of $4,115 per ounce. Bitcoin was around $62,900, up from overnight lows of roughly $61,700. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, stood at 100.97, showing little change.