S&P 500 Futures Drop 0.5% as U.S.-Iran Clashes Lift Oil and Yields
Updated
Updated · CNBC · Jun 3
S&P 500 Futures Drop 0.5% as U.S.-Iran Clashes Lift Oil and Yields
3 articles · Updated · CNBC · Jun 3
Summary
S&P 500 futures fell 0.5% late Wednesday, with Nasdaq 100 futures down 0.7%, after the cash index ended a nine-day winning streak and the Dow lost 620.72 points.
U.S.-Iran tensions drove the retreat: Iran struck Kuwait International Airport, and Washington said it intercepted Iranian missiles and drones before launching self-defense strikes on Qeshm Island.
Higher oil prices and rising Treasury yields added pressure, while Broadcom slid 13% after a quarterly revenue miss and CrowdStrike dropped 10% on weak second-quarter guidance.
Truist's Keith Lerner said a pullback after the market's strong run was normal, even as he argued fundamentals still support the broader bull market.
Thursday's focus now shifts to Ciena and Brown-Forman earnings, plus unit labor costs, productivity and weekly jobless claims for clues on the market's next move.