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Middle East Outlook, Crude Prices Dull Wall Street Pre-Bell; Asia, Europe Off

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Wall Street futures pointed moderately lower pre-bell Thursday after media reports of renewed US military strikes on Iranian positions and drones, and on dimming prospects for a Tehran-Washington peace deal.

After major indices set fresh highs on Wednesday, S&P 500 futures fell 0.2%, the Nasdaq declined 0.4%, and the Dow Jones was off 0.2%.

West Texas Intermediate crude oil futures traded up 2.2% at $90.86 in morning action.

Investors also await the April personal consumption expenditures-core (PCE-core) price index, the Federal Reserve's preferred inflation gauge, scheduled for an 8:30 am ET release in Washington.

Asian exchanges traded mostly lower overnight on higher oil prices and Persian Gulf uncertainties. European bourses tracked moderately south at midday on the continent.

Dollar Tree (DLTR) traded up 10.6% pre-bell after the budget retailer reported Q1 EPS and revenue above outlooks, and issued positive guidance.

Hormel Foods (HRL) traded up 7.4% pre-ball after the maker of Spam and other food products reported above-consensus fiscal Q2 results, and issued upbeat guidance, before the open Thursday.

On the economic calendar at 8:30 am ET, in addition to the PCE-core report, is the April durable goods orders bulletin, the revised Q1 gross domestic product estimate, the weekly jobless claims bulletin, the Q1 corporate profits estimate, and the retail and wholesale inventories for April reports.

April new home sales data logs at 10 am, and the weekly EIA natural gas bulletin at 10:30 am, followed by the weekly EIA petroleum status report at noon.

Federal Reserve NY President John Williams, St. Louis President

Alberto Musalem and Richmond Fed Thomas Barkin are slated to speak today.

In pre-market action, Bitcoin traded at $73,292, and 10-year US Treasuries offered 4.49%. Spot gold commanded $4,399 an ounce.

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