Tensions in the Middle East continued to rise after the U.S. sank the Iranian frigate Dena in international waters in the Indian Ocean.
- Iran’s Foreign Minister Seyed Abbas Araghchi warned in a post on X that the U.S. will “bitterly regret” the precedent it has set.
- Meanwhile, Iran said it has hit Kurdish bases in Iraq and that it has targeted separatist groups trying to enter the country through its western borders.
- The Middle Eastern country also stated that it had hit a U.S. tanker in the Gulf.
U.S. stock futures declined early Thursday after a respite on Wednesday, as the ongoing war in Iran kept investors on edge. The markets will keep an eye on the jobless claims report that is scheduled to arrive before the opening bell.
As of 5:30 a.m. ET on Thursday, S&P futures fell 0.07%, Dow futures declined 0.17%, and Nasdaq futures edged lower by 0.06%, while Russell 2000 futures were down 0.33%.
Meanwhile, retail sentiment toward the SPDR S&P 500 ETF (SPY) trended in the ‘neutral’ territory, while the Invesco QQQ Trust (QQQ) ETF was in the ‘bearish’ territory at the time of writing.
Tensions in the Middle East continued to rise after the U.S. sank the Iranian frigate Dena in international waters in the Indian Ocean. Iran’s Foreign Minister Seyed Abbas Araghchi warned in a post on X that the U.S. will “bitterly regret” the precedent it has set.
Meanwhile, Iran said it has hit Kurdish bases in Iraq and that it has targeted separatist groups trying to enter the country through its western borders. The Middle Eastern country also stated that it had hit a U.S. tanker in the Gulf.
"The U.S. International Development Finance Corporation would need to have some creative operational changes, including the ability to operate in the Middle East, a shift from project-based financing to shipping, and would need a significant acceleration in approvals from the typical six-to-nine month process," said Michelle Gibley, director of international equity research and strategy, Schwab Center for Financial Research.
Gibley added that despite President Donald Trump's extension of risk insurance, concerns about crew safety could limit the level of risk associated with shipping oil through the Strait of Hormuz.
Crude Oil Prices Remain On The Boil
Despite President Donald Trump trying to allay concerns about oil flow through the Strait of Hormuz, crude oil prices remained on the boil on Thursday.
At the time of writing, U.S. West Texas Intermediate (WTI) crude futures maturing in April were up 2.1%, rising to $76.22 per barrel, compared to the previous closing price of $74.66.
Brent crude futures maturing in May gained 1.5%, rising to $82.62 per barrel.
Trending Stocks To Watch
Nvidia (NVDA): Nvidia shares edged lower in Thursday’s premarket trading after reports that the company asked its contract manufacturer, Taiwan Semiconductor Manufacturing Company, to redirect production capacity originally allocated for its H200 chip to manufacture its next-generation Vera Rubin processors.
Robinhood Markets (HOOD): Robinhood shares gained over 3% in Thursday’s pre-market session, extending the 8% gains from Wednesday, after the company unveiled a platinum new credit card aimed at affluent spenders. The new card carries an annual fee of $695.
Broadcom (AVGO): Broadcom shares were up nearly 7% pre-market after the chip designer’s first-quarter (Q1) results and second-quarter (Q2) guidance beat Wall Street expectations. Broadcom also stated that its AI chip revenue is expected to exceed $100 billion in 2027.
Webull (BULL): Shares of the digital investment platform were down over 3% in Thursday’s pre-market session after Webull’s Q4 earnings missed analyst estimates.
Rigetti Computing (RGTI): Rigetti shares declined around 4% pre-market after the company’s Q4 revenue fell short of expectations. The company’s CFO said the revenue miss was due to timing differences in system deliveries and government contracts.
United States Oil Fund (USO), ProShares Ultra Bloomberg Crude Oil (UCO): Crude oil ETFs continued to rise early Thursday amid the ongoing geopolitical tensions in the Middle East.
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