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Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
U.S. stock index futures rose slightly on Tuesday evening after Federal Reserve Chair Jerome Powell’s cautious remarks and disappointing business activity data reignited concerns about economic growth. The modest uptick came after Wall Street’s negative session, where technology stocks led losses following weeks of artificial intelligence-driven gains.
Micron Technology (NASDAQ: MU) delivered stronger-than-expected quarterly results, boosting sentiment in the semiconductor sector. However, the stock gained only marginally in after-hours trading. By 19:20 ET (23:20 GMT), S&P 500 Futures were up 0.1% to 6,718.75, Nasdaq 100 Futures also added 0.1% to 24,849.25, while Dow Jones Futures remained flat at 46,654.0.
Investors remained on edge over a possible U.S. government shutdown as bipartisan negotiations over a spending bill showed little progress, with just over a week before funding runs out.
Powell’s comments further pressured markets. He emphasized that the Fed faces “no risk-free path” in managing inflation and labor market weakness. Speaking in Rhode Island, Powell noted that while U.S. growth has slowed and the labor market cooled, inflation remains above the Fed’s 2% target. He stressed a cautious, data-dependent approach to interest rate cuts, warning against moving too aggressively. The Fed cut rates by 25 basis points last week, with markets still pricing in at least two more cuts in 2025.
His remarks also dampened hopes for further easing, while pointing out that stock valuations appear “fairly highly valued.” This sparked profit-taking in mega-cap tech, with Nvidia dropping 2.8% and Apple sliding 0.6%. Weak September PMI data also raised concerns about slowing growth across manufacturing and services.
The S&P 500 closed down 0.6% at 6,656.96, the Nasdaq Composite fell 1% to 22,573.47, and the Dow slipped 0.2% to 46,292.78.
Markets now await Thursday’s final Q2 GDP data and Friday’s PCE price index, the Fed’s preferred inflation gauge. Both readings are expected to shape expectations for future interest rate decisions.
