U.S. stock futures fell Wednesday as President Donald Trump threatened more action against Iran after negotiations stalled, with chip stocks adding to the pressure ahead of a closely watched inflation report.
The S&P 500 futures contract was off 0.91%, while the Nasdaq 100 futures contract lost 1.32%
Dow Jones Industrial Average futures pointed to an opening decline of around 449 points, equivalent to roughly 0.9%. Oil prices moved higher alongside the equity declines, with West Texas Intermediate crude futures rising about 1.4% to around $89.37 a barrel and Brent crude futures climbing about 1% to above $92 a barrel. The post, which appeared Wednesday morning, quoted Trump warning that Iran had “taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!” It came a day after U.S. forces struck targets in Iran, an action U.S.
Central Command described as retaliation for “yesterday’s downing of a U.S. Army Apache helicopter” — a craft Trump had previously said was operating over the Strait of Hormuz. Wall Street economists, as surveyed in the Dow Jones consensus, are penciling in a 4.2% year-over-year rise and a 0.5% monthly increase for May’s CPI reading.