US stock futures slipped Wednesday night after equities kicked off the second quarter with modest gains, while investors parsed a national address by the president on the state of the war in Iran.
Futures tied to the S&P 500 (ES=F) fell 0.7% as Nasdaq 100 futures (NQ=F) waned 0.9%. Dow Jones Industrial Average futures (YM=F) dropped 0.6%.
Markets are making sense of a national address from President Trump, scheduled for 9 pm ET, where he delivered an “an important update on Iran.” Developments in the US-Israeli war against Iran have rattled global markets for weeks and the speech was closely watched for any signs of an end to hostilities, with an open Strait of Hormuz a crucial signifier for stability in energy markets.
Brent crude has surged roughly 40% since the war began in late February. Though a pullback in oil prices this week has bolstered sentiment. US benchmark West Texas Intermediate (CL=F) slipped 1.2% to settle near $100 a barrel, while Brent (BZ=F) fell 2.7% to just above $101.
In a social media post, Trump said Iran’s president had approached the US about a ceasefire, though he indicated any agreement would hinge on reopening the Strait of Hormuz. He stated in his address that US forces will “hit Iran hard” and “send them to the stone age” before withdrawing from Iran within two to three weeks.
Thursday marks the final trading session of the holiday-shortened week ahead of the Good Friday closure. Investors will parse weekly jobless claims data in the morning, with the closely watched March jobs report due Friday.
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