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WTI Crude Oil Futures Sink 4.5% to $83.76, Brent Crude Futures Drop 4.4% to $86.40 Early Friday

WTI, Brent Crude Oil Futures Sink Pre-Bell as Iran State Media Reports US-Iran Deal to Reopen Strait of Hormuz

CBOE Volatility Index Drops 3.9% Pre-Bell as Crude Oil Falls With Treasury Yields in Anticipation of US-Iran Peace Deal

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Update: US Equity Indexes Jump After Trump Cancels Further Strikes on Iran

(Updates with index and price moves and cancellation of planned attacks on Iran from the first paragraph.)US equity indexes shot up after President Donald Trump canceled planned attacks on Iran and as core producer price inflation grew less than forecast.The Dow Jones Industrial Average jumped 1.8% to 50,814.5, the Nasdaq Composite surged 2.2% to 25,718.8, and the S&P 500 advanced 1.6% to 7,386.6 ahead of Thursday's close.In a social media post, Trump said he is canceling the attacks planned for Iran on Thursday."Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump said in the post.Crude oil futures fell, with front-month global benchmark North Sea Brent down 4% to $89.42 per barrel and US West Texas Intermediate lower by 3.5% to $86.90 per barrel.The core Producer Price Index, which excludes the more volatile food and energy prices, grew 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and a 0.7% rise in April. Core PPI remained at 4.9% year-over-year but below the 5.4% consensus.Headline producer prices rose by 1.1% in May, the same as in April but above the forecast for a 0.7% gain. PPI jumped 6.5% year-over-year, the strongest pace since November 2022, from 5.7% in the previous month. Energy prices surged almost 11% in May following a 7.5% jump in April, according to a Stifel note."This is a Fed that has been willing to tolerate above-target inflation for years, so any notion of a temporary, or bringing back a favorite word, 'transitory' impact from higher energy prices will not be enough to force the Fed's hand," Stifel Chief Economist Lindsey Piegza said in the note.

Dow JonesNasdaq CompositeS&P 500$SPCX

Update: US Equity Indexes Rise After Wholsale Inflation Rate Rises Slower Than Forecast

(Updates with new information from the first paragraph.)US equity indexes rose amid a broad-based rally after core producer price inflation, which excludes the more volatile food and energy prices, grew less than forecast in May.The Dow Jones Industrial Average rose 0.7% to 50,276.7, followed by a 0.5% gain in the Nasdaq Composite to 25,317.2 and a 0.4% increase in the S&P 500 to 7,295.3 in midday trading on Thursday.All sectors except communication services, financials, and real estate advanced. Industrials and materials led the gainers.Core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year but below the 5.4% consensus.Meanwhile, crude oil prices rose, with front-month global benchmark North Sea Brent crude up 0.4% to $93.45 per barrel and US West Texas Intermediate crude higher by 0.9% to $90.82 per barrel.The US will hit Iran with an attack "VERY HARD TONIGHT," and it will take control of the Kharg Island sometime in the "not too distant future," President Donald Trump said Thursday on a Truth Social post. The island is, reportedly, the gateway for a vast majority of Iran's crude oil exports. Iran's Foreign Ministry has condemned the recent US strikes on the country, saying that it has rendered the ceasefire "practically meaningless," the Associated Press reported Thursday.BlackRock placed $5 billion order to buy SpaceX (SPCX) shares, The Wall Street Journal reported. The company is expected to go public on Friday.

Dow JonesNasdaq CompositeS&P 500$ORCL

US Equity Futures Rise Pre-Bell After US Says Strikes Completed Against Iran

US equity futures were higher pre-bell Thursday as the US said it completed attacks against Iran after another round of "self-defense strikes."Dow Jones Industrial Average futures were 0.8% higher, S&P 500 futures were up 0.7%, and Nasdaq futures were 1.2% higher.The strikes, which started after a US Army Apache helicopter was shot down on Wednesday, were conducted at the direction of President Donald Trump, US Central Command said in an X post. Iran responded with attacks on Kuwait and Bahrain, while Israel warned of launches from Lebanon.Trump later told Fox News that he had spoken directly with Iranian officials, who had asked him to stop bombing.Traders watched the latest round of earnings, with Oracle (ORCL) posting higher fiscal Q4 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.4% at $91.78 per barrel and US West Texas Intermediate crude 1.2% lower at $88.92 per barrel.The May Producer Price Index, scheduled for release at 8:30 am ET, is expected to show a 0.7% gain following a 1.4% increase in the preceding month, according to estimates compiled by Bloomberg. The weekly jobless claims bulletin is expected to show 220,000 new unemployment claims for the week ended June 6, down from 225,000 in the prior week.

Gold Futures Fall 0.5% to $4,111.4/Oz, Silver Futures Decline 0.9% to $64.17/Oz Early Thursday

Gold, Silver Futures Fall Pre-Bell After Trump Warns of More Strikes Unless Iran Accepts Interim Deal, Reopens Hormuz

WTI Crude Oil Futures Slip 0.6% to $89.47, Brent Crude Futures Edge 0.7% Lower to $92.45 Early Thursday

WTI, Brent Crude Oil Futures Slip Pre-Bell After Trump Warns More Strikes Unless Iran Agrees to Interim Deal, Reopens Hormuz

CBOE Volatility Index Slumps 7.2% Pre-Bell as Big Tech Perks Up Amid Steady Fed Rate-Hike Outlook After CPI, SpaceX IPO Anticipation

US Equity Index Futures Jump Early Thursday as Investors Shrugg Off US Strikes on Iran, Oracle's CapEx Plans

Dow JonesNasdaq CompositeS&P 500$AMD$ARM$QCOM

Slumping Semiconductors, Trump's Threat to Iran Push US Equity Indexes Lower

US equity indexes slumped amid a sell-off in high-growth, mega-cap semiconductor names and after President Donald Trump's warning of a "very hard" attack on Iran pushed crude oil higher.The Nasdaq Composite dropped 1.8% to 25,218.5, with the S&P 500 down 1.4% to 7,280.9, and the Dow Jones Industrial Average lower by 1.7% to 50,018.4 ahead of Wednesday's close.In the final leg of trading, Qualcomm (QCOM), Arm (ARM), and Advanced Micro Devices (AMD) were among the 10 worst-performing stocks with market capitalizations exceeding $200 billion, according to data compiled by Finviz.The US will resume attacks on Iran on Wednesday, President Donald Trump said, citing slow progress in talks for a deal to end the war, according to a report from CNN.West Texas Intermediate crude oil futures jumped 2.6% to $90.47, and Brent crude futures climbed 2.3% to $93.51.In economic news, the US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April.In this third month's worth of inflation data since the beginning of Operation Epic Fury, the data continue to show virtually no sign that energy inflation is filtering down into the core, outside of airfare, according to a note from Jefferies.

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US Equity Indexes Decline as Annual Inflation Rate Jumps to Three-Year High, Trump Unleashes on Iran

US equity indexes fell after the annual inflation rate jumped to the highest in three years and President Donald Trump's reported comment about Iran "we are going to be attacking them very hard" in the aftermath of the Apache downing.The Nasdaq Composite slid 0.7% to 25,501.7, with the S&P 500 down 0.5% to 7,348.8, and the Dow Jones Industrial Average lower by 0.8% to 50,449.1 after midday Wednesday.Industrials, consumer discretionary, and technology led the decliners.The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April.The year-over-year rates for overall and core CPI increased to 4.2% and 2.9%, respectively, from 3.8% and 2.8% in the previous month. The headline rate was the strongest since April 2023, according to data compiled by Finviz.West Texas Intermediate crude oil futures jumped 2.4% to $90.57, and Brent crude futures climbed 2.3% to $93.71 .Iran is taking "too long to negotiate a deal" and that "now they will have to pay the price," Trump said Wednesday. The US launched airstrikes early Wednesday against Iran after the US president blamed Tehran for the crash of an American attack helicopter, and Iran fired back at countries in the region, according to a report from the Associated Press.

Dow JonesNasdaq CompositeS&P 500$ORCL

US-Iran Flare-Up Drags US Equity Futures Pre-Bell as Middle East Tensions Re-Escalate

US equity futures were lower pre-bell Wednesday as the US and Iran once again exchanged attacks after a US Army Apache helicopter was shot down, raising tensions in the Middle East.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 1.1%, and Nasdaq futures were 1.6% lower.US Central Command said in an X post that it launched "self-defense strikes" against Iran as a "proportional response to unjustified Iranian aggression," responding to the downing of a US Army helicopter. Iran, which did not claim responsibility for shooting down the chopper, responded with attacks on Bahrain, Kuwait, and Jordan.In a post on Truth Social, US President Donald Trump said that Iran has been "completely defeated." Trump added, "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!"Traders look forward to Oracle's (ORCL) fiscal Q4 financial results, scheduled to be released after the market closes.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.7% at $93.04 per barrel and US West Texas Intermediate crude 2% higher at $89.93 per barrel.The May consumer price index, scheduled for release at 8:30 am ET, is seen coming in at 0.5%, compared with 0.6% in the prior month, according to estimates compiled by Bloomberg.

Gold Futures Drop 2.2% to $4,191.4/Oz, Silver Futures Decline 1.5% to $64.32/Oz Early Wednesday

Gold, Silver Futures Fall Early Wednesday as US-Iran Strike Each Other After Apache Downed Near Hormuz

CBOE Volatility Index Jumps 5.7% Pre-Bell as Big Tech Wobbles Ahead of Inflation, US-Iran Exchange Strikes

WTI Crude Oil Futures Slip 0.1% to $88.12, Brent Crude Futures Edge 0.2% Lower to $91.29 Early Wednesday