S&P 500 futures fell 0.4% ahead of Wednesday's open, along with Dow and Nasdaq futures, as Brent crude topped $100 a barrel amid the U.S.-Iran conflict. The declines follow a Tuesday session in which the Dow fell 1.2% and the S&P 500 slid as Treasury yields hit fresh highs. Apple shares also slipped premarket ahead of its iPhone event later Wednesday.
S&P 500 futures fell 0.4% ahead of Wednesday's open. Dow Jones futures dropped 0.7% and Nasdaq-100 futures lost 0.5% over the same stretch. The moves came as West Texas Intermediate crude advanced to around $95.80 a barrel, while Brent crude climbed near $100.75 a barrel.
The 10-year Treasury yield edged up near 4.81% ahead of the open. Bitcoin, meanwhile, bounced to roughly $79,600. Among S&P 500-tracking funds, the SPDR S&P 500 ETF fell 0.3% before the opening bell.
Tuesday's Session Set the Tone
Pressure had already built up Tuesday, when the Dow Jones Industrial Average fell 1.2% below its 50-day moving average. The S&P 500 declined 0.6% that same day, slipping just under its 21-day line. The 10-year Treasury yield rose to 4.805%, its highest settlement in nearly three years. Separately, U.S. crude oil climbed 1.7% to $93.03 a barrel.
US-Iran Tensions Drive Oil Higher
Iran said it struck two U.S. Navy destroyers Tuesday, but U.S. Central Command refuted the claim on X: "No U.S. Navy warship has been struck." According to U.S. Central Command, the U.S. military destroyed five Iranian oil tankers on Tuesday in retaliation for the Revolutionary Guard firing ballistic missiles at an American warship twice over the prior two days.
Apple Event and Other Movers
Apple shares fell modestly premarket, threatening to extend a losing streak to three sessions ahead of its "Surprise and Shine" event, where the company is widely expected to unveil its first foldable iPhone. Elsewhere among Dow components, Chevron advanced 1.1%. Caterpillar and Nvidia declined 0.9% and 0.4%, respectively.
The key indexes have moved sideways since the Aug. 4 follow-through day, with rapid sector rotation adding to the difficulty.
Sources: Investor's Business Daily, Investor's Business Daily
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