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U.S. stock futures plunged late Thursday following reports that Israel launched military strikes on Iran. The S&P 500 Futures dropped 1.5% to 5,961.75, Nasdaq 100 Futures fell 1.7% to 21,567.55, and Dow Jones Futures declined 1.3% to 42,408. Markets reacted swiftly to geopolitical tensions, despite reports confirming no U.S. involvement in the operation.
Reuters, citing two U.S. officials, reported Israel’s actions came amid escalating regional tensions. Israel’s defense minister declared a nationwide state of emergency. While the U.S. remains officially uninvolved, the Biden administration had previously warned of military options if nuclear talks failed, with a critical deadline expiring Thursday. Iran has vowed retaliation for any strikes.
Earlier Thursday, U.S. equities closed higher. The S&P 500 gained 0.4%, the Nasdaq rose 0.2%, and the Dow added 0.2%, supported by a rally in Oracle shares. Oracle (NYSE:ORCL) hit record highs after raising its annual revenue growth target and highlighting strong AI-related demand.
However, Boeing (NYSE:BA) dropped 4.8% after an Air India 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad, reportedly killing over 200 people. GE Aerospace (NYSE:GE), whose GEnx-1B engines power the aircraft, also fell 2.2%.
Economic data showed cooling inflation. May’s producer price index came in lower than expected, driven by cheaper services like air travel. The Federal Reserve is expected to maintain rates at 4.25%-4.50% in its upcoming meeting, with potential cuts anticipated in September.
President Donald Trump called Fed Chair Jerome Powell a "numbskull," pushing for a full-point rate cut to save $600 billion in debt interest. Trump also hinted at raising auto tariffs, reviving U.S.-China trade war concerns ahead of a July 9 trade deal deadline.
