US stock futures pulled back on Friday, while oil steadied as investors weighed the odds the US might attempt to take over a key Iranian island to help unblock the Strait of Hormuz.
Contracts on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) fell 0.2% and 0.4%, respectively. Meanwhile, Nasdaq 100 futures (^IXIC) slid roughly 0.5%, following a downbeat day on Wall Street.
Stocks are retreating as investors assess an Axios report that the Trump administration is considering plans to occupy or blockade Kharg Island, vital to Iran’s oil exports. The risky operation would aim to put pressure on Tehran to reopen the Strait of Hormuz to tanker shipping.
Oil prices are being whipsawed with markets on edge for every headline in the fast-moving Middle East conflict. On Friday, Iran pressed ahead with attacks on Persian Gulf neighbors as analysts warned existing damage would keep oil prices elevated. Brent (BZ=F) futures reversed an earlier gain to trade near $108 a barrel, while West Texas Intermediate (CL=F) futures turned lower to hover just below $95.
The major US stock gauges are on track for a fourth weekly decline in a row, with the Dow (^DJI) and Nasdaq Composite (^IXIC) both nearing correction territory.
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Unlike their global peers, US airlines said they remain confident that record traveler demand will help offset the $11 billion spike in fuel costs caused by the Iran war. US carriers don’t pre-buy fuel, and they may have to pass the rise in fuel prices directly on to passengers through higher fares.
Reuters reports:
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Tegna (TGNA) stock rose 9% before the bell on Friday following the news that Nexstar (NXST) has completed its acquisition of Tegna, uniting two of the largest TV station ownership groups in the United States.
Reuters reports
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Bloomberg reports:
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Cheniere Energy, Inc. (LNG) stock rose 2% during premarket hours on Friday, following the attacks by Iran on a major Middle East liquefied natural gas hub.
Dell (DELL) stock rose more than 2% during premarket hours today. The tech company’s stock is up 24% year-to-date, as the company benefits from rapid growth in its AI server business.
Unilever (UL) stock moved up 1% before the bell on Friday following the news that it’s in talks to sell its food business to McCormick & Co (MKC), transforming the owner of Hellmann’s mayonnaise into a maker of beauty and personal care products in the biggest overhaul since it was founded almost a century ago.
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The US has charged a Supermicro Computer (SMCI) co-founder — a US citizen — with smuggling Nvidia (NVDA)-powered servers to China, contravening restrictions on the AI technology.
California-based Supermicro is a key assembler of AI servers based on Nvidia components, and it accounts for about 9% of the chip giant’s revenue, per Bloomberg.
Shares of Supermicro plunged over 20% in premarket trading after three arrests linked to the case.
Bloomberg reports:
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FedEx (FDX) stock rose 8% before the bell on Friday after raising its full-year outlook due to a rise in revenue and package yields in its fiscal third quarter.
The Wall Street Journal reports:
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From Bloomberg:
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Bloomberg reports:
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Bloomberg reports:
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