US Stock Futures Climb as Iran Crisis Deepens and Key Earnings Loom
U.S. stock futures climbed on Tuesday, following gains in the major indexes on Monday. The Dow Jones, S&P 500, and Nasdaq 100 futures all pointed to positive openings, signaling continued investor optimism.
Iran’s economic turmoil deepened as Oil Minister Mohsen Paknejad resigned amid allegations of $2 billion in missing oil revenue. The Iranian rial hit record lows due to U.S. sanctions and a naval blockade. Treasury Secretary Scott Bessent emphasized that U.S. pressure on Iran will persist until Tehran ceases financing terrorism and halts its nuclear ambitions. Meanwhile, President Donald Trump attributed rising U.S. gas prices to Ukrainian attacks on Russian refineries and Democratic-led refinery closures, while political activist Garry Kasparov argued that U.S. actions against Iran were the real cause.
The 10-year Treasury bond yield stood at 5.28%, and the 2-year Treasury bond yield was 4.81%. The CME Group’s FedWatch tool indicated a 21.6% likelihood of a Federal Reserve interest rate hike after its October meeting. The SPDR S&P 500 ETF Trust (SPY) rose 0.24% to $776.67, while the Invesco QQQ Trust ETF (QQQ) advanced 0.23% to $757.95 in premarket trading.
Several stocks made notable moves. Option Care Health (OPCH) surged 21.31% after reports suggested McKesson and Clayton Dubilier & Rice are nearing a deal to acquire the company. Evolution Metals & Technologies (EMAT) rose 2.19% after filing a prospectus to offer up to 5,400,000 shares. Armada Acquisition (XRPN) plunged 34% following shareholder approval of a business combination with Evernorth Holdings. Vaxcyte (PCVX) dropped 3.82% after a significant gain the previous day following positive trial results. Constellation Brands (STZ) advanced 0.13% ahead of its quarterly earnings report.