As traders monitored the U.S.-Iran confrontation, stock futures fell and crude prices surged Friday. Dow Jones Industrial Average futures fell by 91 points, or 0.2%. S&P 500 and Nasdaq 100 futures fell 0.2% each. Even after President Donald Trump extended a deadline to attack Iran’s energy infrastructure to April 6, a week after the original deadline, those moves continue. “As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction,” Trump said on Truth Social. “Talks are going well despite Fake News Media and others’ misrepresentations. I appreciate your attention!”
The statement is the latest hint the Trump administration wants to stop the U.S.-Iran confrontation, which has raised oil costs and potentially lose Republicans midterm seats. The stock market has fallen since U.S. and Israel bombed Iran’s oil infrastructure on Feb. 28. A resolution would boost it. The Iranian foreign minister told state media this week that Tehran has no intention of holding discussions with the U.S., even though its officials are evaluating an American proposal to end the war, leaving investors uncertain.
The stock market suffered Thursday from those anxieties. The S&P 500 fell 1.74% and the Nasdaq Composite 2.38%, closing in correction territory. The Dow fell almost 460 points, or 1.01%. “I think we’re headed lower in the medium term until we get some more certainty,” Adam Parker told on Thursday. “You must be cautious and not take a lot of risk in the short term.”
Mixed stocks were expected this week. The S&P 500 and Nasdaq Composite fell 0.5% and 1.1%, respectively, on Thursday. Both benchmarks were destined for their fifth straight loss. The 30-stock Dow was the only index to end the week up 0.8%.