United States stock futures edged lower on Monday night (Tuesday AEDT) as investors assessed the latest developments in the conflict with Iran after a volatile session on Wall Street that saw markets swing sharply before closing higher.
By 9:50 am AEDT (10:50 pm GMT) Dow futures, S&P 500 futures, and Nasdaq 100 futures slipped 0.3% apiece.
In corporate news after the closing bell, Hewlett Packard Enterprise shares rose 1.2% in extended trading after the technology company posted adjusted earnings per share (EPS) of $0.65, beating market expectations of $0.59, while Revenue came in at $9.30 billion, slightly below forecasts of $9.35 billion.
Vertex Pharmaceuticals shares jumped 6.5% in after-hours trading after the biotechnology company announced that its drug met its goals in a late-stage clinical trial targeting IgA nephropathy, a chronic kidney disease that can lead to kidney failure.
Meanwhile, market participants continued to monitor geopolitical developments after President Donald Trump suggested the military campaign against Iran could soon conclude.
Speaking at a press conference at his golf club near Miami on Monday evening, Trump said, “We’re achieving major strides toward completing our military objective.”
The remarks followed comments earlier in the day in which the president told CBS News that “the war is very complete, pretty much”.
Trump also said the United States was “very far” ahead of his previously stated timeframe of four to five weeks and added that he was “thinking about” taking over the strategic Strait of Hormuz.
The comments helped drive a dramatic turnaround during Monday’s regular trading session.
The Dow Jones Industrial Average closed 0.5%, the S&P 500 finished 0.8% higher, while the Nasdaq Composite rallied to close 1.4% higher.
Investors remain focused on the Strait of Hormuz, a critical shipping route for global oil supplies, which has faced significant disruptions amid the escalating conflict.
Energy ministers from the Group of Seven nations — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States — are scheduled to meet virtually on Tuesday morning to discuss the potential release of strategic petroleum reserves in an effort to stabilise global energy markets.
Investors are also preparing for a series of key economic data releases this week that could influence expectations for interest rates.
February’s consumer price index is scheduled for release on Wednesday (Thursday AEDT), followed by the personal consumption expenditures price index for January on Friday (Saturday AEDT).
Both reports are expected to provide further insight into inflation trends, although they will not yet reflect the recent surge in oil prices linked to the conflict with Iran.
On the corporate calendar, investors are also awaiting earnings from major technology companies this week, with Oracle and Adobe scheduled to release results this week.
