Stock market wavers as Trump Iran deadline nears
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- US stock futures for the S&P 500 (ES=F) slid 0.5%, Dow (YM=F) fell 0.4%, and Nasdaq 100 (NQ=F) dropped 0.6% as the Iran deadline looms, according to the main story and Yahoo Finance.
- European shares were lifted by banks and media stocks, as reported by Economic Times Markets, even as they braced for Trump's Iran deadline.
- President Trump backed away from a military ground operation in Iran, citing a lack of popular support, but the deadline for Iran to reopen the Strait of Hormuz remains.
- Axios reported that the US has carried out strikes on Kharg Island, home to Iran's major oil shipment facility, causing oil prices to surge.
- Brent crude futures (BZ=F) gained about 1% to around $111 a barrel, while US benchmark West Texas Intermediate futures (CL=F) rose 2% to nearly $115 following reports of strikes.
- Bitcoin is pulling away from software stocks, with CoinDesk noting that the Iran war and AI are reshaping market dynamics.
Why it matters: The looming Tuesday evening deadline for Iran's ultimatum is causing US stock futures to waver by up to 0.6% and oil prices to jump by 2%.
