The S&P 500 Index is down 0.90% today, with the Dow Jones Industrial Average falling 0.76% and the Nasdaq 100 Index decreasing 1.40%. E-mini S&P futures are down 0.97% and E-mini Nasdaq futures are down 1.49%. The drop follows a surge in crude oil prices, which climbed over 3% to a four-week high, amid escalating tensions between the U.S. and Iran.
President Trump has set an 8 PM EST deadline for Iran to agree to a ceasefire or risk further military action from the U.S., including potential strikes on energy targets. Reports indicate that Iran has ended negotiations with the U.S., amplifying market concerns. The U.S. military is reportedly preparing for strikes on Iranian military sites, contributing to a bearish sentiment in the stock market.
In economic data, February’s capital goods orders rose 0.6%, exceeding expectations. Despite this, market participants are anticipating a low probability (3%) for a rate hike at the upcoming FOMC meeting on April 28-29.
