U.S. stock futures saw a significant decline early Friday after Israel launched an airstrike attack on Iran. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 1.26%, 1.07%, and 1.57%, respectively, at 4:12 a.m. EST, June 13.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
U.S. stock futures dropped after Israeli Defense Minister Israel Katz declared a special state of emergency following an Israeli strike on Iran. According to NBC News, two U.S. officials confirmed that the U.S. was not involved in the operation. Oil prices surged following the news, with Brent crude rising more than 7%.
During Thursday’s regular trading session, all major indexes closed higher. The S&P 500 rose 0.38%, while the Nasdaq Composite and the Dow Jones each gained 0.2%.
Those moves came after the May producer price index (PPI), an inflation gauge for sellers, rose by 0.1% month-over-month (MoM) and 2.6% year-over-year (YoY). Economists were expecting 0.2% and 2.6%, respectively. Bond yields also edged lower, boosting investor confidence. Earlier in the week, May’s consumer inflation data also came in cooler than expected.
In after-hours trading, RH (RH) shares gained over 20% after the luxury furniture retailer posted strong first-quarter results and reaffirmed its full-year guidance. Meanwhile, Adobe (ADBE) slipped more than 1%, despite topping expectations in its Q2 FY25 earnings.
On the economic front, investors are awaiting the University of Michigan’s preliminary consumer sentiment reading for June.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.3%. At the same time, the Gold Spot U.S. Dollar Price rose to nearly $3,425 per ounce on Friday.
Asia-Pacific Markets Ended Lower Today
Asia-Pacific indices moved lower on Friday after Israel launched a military strike on Iran, targeting its nuclear facilities. The attack drew vows of retaliation from Tehran.
Hong Kong’s Hang Seng Index was down 0.69%. Further, Japan’s Nikkei and Topix indices declined 0.94% and 0.91%, respectively. At the same time, China’s Shanghai Composite and Shenzhen Component indices closed lower by 0.64% and 0.98%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.