U.S. stock futures moved lower ahead of Thursday’s session after President Donald Trump addressed the nation on the Iran war, offering updates that did little to calm investor concerns. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) Index were down 1.59%, 1.04%, and 1.24%, respectively, at 1:38 a.m. EDT on April 2.
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Forget margin or options. Here's how the pros trade QQQIn his speech, Trump said the U.S. is “on track to complete all of America’s military objectives shortly,” but warned that Iran would be hit “extremely hard” over the next two to three weeks. He did not outline a clear exit plan or signal any move toward a cease-fire, which kept markets on edge.
The comments come at a time when investors are highly sensitive to developments in the Middle East. The conflict has pushed oil prices higher, with Brent crude (CM:BZ) up 5.63% at $106.87 a barrel, while West Texas Intermediate (WTI) crude (CM:CL) up 4.63% to $104.59 per barrel.
In the regular trading session, major indexes kicked off Q2 with a second straight day of sharp gains on cautious optimism that the Iran war may soon end, which eased fears of a major oil supply disruption. The Nasdaq, the S&P 500, and the Dow rose 1.2%, 0.7%, and 0.5%, respectively.
It is worth noting that Thursday is the final trading day of the shortened week, with markets closed for Good Friday. Traders will be watching initial jobless claims for the week ending March 28 on Thursday morning, while the Non-Farm Payrolls report for March is scheduled for release Friday morning.