Dow Jones futures remain subdued ahead of US Retail Sales, Jobless Claims data
Dow Jones futures edge lower by 0.02% to trade around 52,890 during European trading hours on Thursday. Meanwhile, S&P 500 futures and Nasdaq 100 futures decline 0.06% and 0.24%, trading near 7,610 and 29,620, respectively. Market focus shifts to Retail Sales and Initial Jobless Claims data, alongside high-profile corporate earnings from Netflix, UnitedHealth, and General Electric due later in the day.
US stock futures struggle as traders adopt caution amid escalating military actions in the Middle East, driving crude oil prices sharply higher. This sudden energy spike has revived pressing global worries regarding a secondary wave of inflation, which in turn clouds the future path of Federal Reserve (Fed) interest rates.
The Islamic Republic News Agency (IRNA) cited an Iranian army spokesperson as saying that the United States (US) continues to attack several areas, while warning that the war will spread to new arenas. The spokesperson also said that Tehran has no confrontation with neighboring states.
Earlier, US Central Command (CENTCOM) launched another wave of strikes in a concerted effort to keep the critical Strait of Hormuz waterway open. In a direct escalation of hostilities, CENTCOM confirmed that US aircraft fired missiles into an oil tanker’s smokestack within the strategic passage, effectively disabling the vessel and keeping global markets on edge.
Wall Street rallied on Wednesday as cooling inflation data pulled Treasury yields lower, lifting equities. The Nasdaq climbed 0.62%, followed by the S&P 500 (+0.38%) and the Dow (+0.29%), propelled by financials, communication services, and consumer discretionary sectors.
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