Stock futures remain steady as traders watch U.S.-Iran events; April jobs report approaches: Live updates

Market Update: U.S. Stock Futures Decline Amid U.S.-Iran Tensions

Traders at the New York Stock Exchange are seeing a tense atmosphere as futures for U.S. stocks dipped Thursday night. There’s a notable focus on escalating tensions between the U.S. and Iran, along with anticipation for upcoming employment data for April.

Specifically, S&P 500 and Nasdaq 100 futures dropped around 0.1%. In the case of futures tied to the Dow Jones Industrial Average, there was a slight decline of 32 points, also representing less than 0.1%. It seems like there’s a general unease about geopolitical issues.

Interestingly, crude oil prices saw a rise during after-hours trading, with West Texas Intermediate Crude Oil futures up by 2%. This surged after the U.S. and Iran exchanged gunfire in the Strait of Hormuz, both sides claiming they were provoked. According to the U.S. Central Command, their military responded to what they called an unprovoked attack from Iran.

In a post on social media, President Donald Trump mentioned Thursday night that while the three U.S. Navy destroyers faced no damage, the Iranian aggressors suffered significant losses. He added that the ceasefire was still ongoing, referring to the attacks as a “love tap.”

The market seemed to react, as both the S&P 500 and Nasdaq Composite reversed from record highs. Overall, the market index fell by 0.38%, with the tech-heavy Nasdaq down by 0.13%. The Dow Jones lost 313.62 points, marking a decline of 0.63%.

This downward trend follows statements from an Iranian official asserting that the U.S. would not be permitted to reopen the Strait of Hormuz without addressing reparations for any damages, as reported by the Wall Street Journal.

Investors are awaiting the unemployment rate and job statistics scheduled for release on Friday morning. Economists anticipate that only 55,000 jobs were added last month, with the unemployment rate remaining steady at 4.3% based on Dow Jones estimates.

Despite the recent geopolitical tensions, stock prices have generally been on an upward trajectory due to a solid earnings season. All three major stock averages are expected to finish the week on a positive note. The Nasdaq was on track for a 2.8% increase for the week, fueled by robust results from technology companies. The S&P 500 was headed for a 1.5% gain, while the Dow Jones hovered just 0.2% higher since the week began. Yun Yu Ma, chief investment strategist at PNC Asset Management, expressed optimism about the continuing strength in earnings.

“The basis for profit is very broad,” he noted in a CNBC interview. “Looking ahead to Q2, Q3, and Q4, analysts expect earnings growth of 20% or more year-over-year in the coming quarters. There’s no sign of momentum slowing down, although some variability is to be expected.”