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HomeMarket NewsUS Stock Market Live Updates: Dow futures tumble 500 pts; S&P, Nasdaq slip in premarket as Trump orders Hormuz blockade
US futures fall after Trump orders naval blockade of Strait of Hormuz post failed Iran talks, oil jumps above 100 dollars, inflation fears rise as big bank earnings loom
US Stock Market Live Updates: Wall Street futures fell Monday after Donald Trump ordered a naval blockade of the Strait of Hormuz, following the collapse of US-Iran talks in Islamabad. Losses, however, narrowed as markets steadied.
Dow futures were down 500 points, or about 1.04%, after dropping as much as 580 points earlier. S&P 500 and Nasdaq-100 futures were also 0.7% at around 17:20 IST.
In a Truth Social post, Trump said the US Navy would begin blocking ships entering or leaving the strait from 10 a.m. ET, with support from other countries. The move came after Vice President JD Vance exited talks, citing Iran’s refusal to curb its nuclear programme. Iran, in turn, pushed for control of the strait, war reparations and access to frozen assets.
The escalation lifted oil prices. Brent crude rose as much as 9% to near $104 per barrel before easing to above $101. West Texas Intermediate crossed $104 and remained up over 7%–8%.
Higher oil prices have revived concerns around inflation and global growth. Iran warned it would target Persian Gulf ports if its energy infrastructure is hit, calling the US move “an act of piracy.”
It is pertinent to note that last week’s ceasefire had driven a strong rally, with the S&P 500 gaining 3.6%, the Nasdaq rising 4.7% and the Dow adding 3%. The truce appears to be holding for now, even as tensions persist.
Focus now shifts to earnings. Goldman Sachs is set to report Monday, followed by JPMorgan Chase, Citigroup, Wells Fargo, Morgan Stanley and Bank of America later this week.
