The stock market today showed resilience as US stock futures edged higher in early Thursday trading, even as the United States launched another round of airstrikes against Iran overnight, raising fresh fears about oil supply and global inflation heading into a week already defined by volatility.
Stock market today futures: the S&P 500 gained 0.32%, Dow Jones futures climbed 0.20%, and Nasdaq 100 futures rose 0.54% as of early Thursday. The bounce follows a brutal Wednesday session that sent the Dow tumbling 953 points, the S&P 500 falling 1.62%, and the Nasdaq Composite losing 1.98%.
US Launches New Airstrikes on Iran, Tehran Closes Strait of Hormuz
US Central Command confirmed late Wednesday that American forces launched additional “self-defense strikes” against multiple targets in Iran at the direction of President Donald Trump. The strikes came hours after Trump warned reporters at the White House that Iran was taking “too long” to reach a peace agreement and would “pay the price.”
Iran’s military command responded by announcing the complete closure of the Strait of Hormuz to all vessels. The Strait of Hormuz is the world’s most critical chokepoint for global oil flows, responsible for roughly 20% of daily oil trade. Two ships were reported struck while attempting to cross out of the Persian Gulf, according to Iranian state media citing the Revolutionary Guard.
Oil prices surged on the news. Brent crude futures climbed as high as 3.4% to cross above $96 per barrel, while WTI crude advanced as far as 3.8% to above $93 per barrel. Prices pulled back slightly after Fox News reported that Trump had spoken directly with Iranian leaders and suggested the bombing campaign could end shortly.
Wednesday Stock Market Selloff: Chips Fall, Inflation Hits 3-Year High
The stock market today is recovering from Wednesday’s selloff, which was driven by two forces hitting simultaneously. A renewed rout in semiconductor stocks weighed heavily on the Nasdaq, while a fresh consumer price index reading showed inflation climbing to a three-year high, reinforcing fears that the Federal Reserve may be forced to raise interest rates further.
President Trump took an unusual tone in response to the inflation report, telling reporters in the Oval Office: “I’m not concerned about the latest inflation numbers. I love it. I love the inflation.”
The stock market today’s rotation away from technology and into defensive sectors including healthcare, pharmaceuticals, and energy reflects growing anxiety, according to Victoria Fernandez, chief market strategist at Crossmark Global Investments, who told CNBC that clients are searching for “the antithesis of the momentum and the beta” that drove stocks higher earlier in the year.
Oracle Sinks After $20 Billion Capital Raise Announcement
Oracle shares dropped more than 11% in extended trading Wednesday after the software giant announced plans to raise an additional $20 billion in equity and debt to fund its artificial intelligence buildout. The move spooked investors despite Oracle reporting earnings results that beat expectations on both the top and bottom lines, and the company raising its adjusted profit forecast for the full year.
The reaction reflected broader investor anxiety about the scale of AI capital expenditure across the sector. Oracle’s announcement echoed similar concerns that have weighed on other tech giants committing tens of billions to AI infrastructure, with public markets increasingly demanding a clearer path to returns.
Asia-Pacific Markets Open Sharply Lower
While the stock market today in the US points higher, Asian markets opened deep in the red Thursday morning as the fresh Iran escalation sent shockwaves through the region. South Korea’s Kospi led losses with a 4.1% drop, while Japan’s Nikkei 225 fell 2.3% and Australia’s S&P/ASX 200 declined 0.97%. Hong Kong’s Hang Seng Index fell 1.15%.
The selloff reflected the region’s sensitivity to energy price shocks, given Asia-Pacific economies’ heavy dependence on Middle East oil imports flowing through the Strait of Hormuz.
Gold Whipsaws as Investors Weigh War Risk
Gold prices whipsawed in volatile trading, briefly rising 1.1% before reversing to fall a similar amount, bringing the metal close to $4,000 per ounce. Gold last traded at $4,091, down $42.30 on the day. The metal has now fallen roughly 22% from its pre-war levels, according to Bloomberg, as the Iran conflict has driven a complex mix of safe-haven demand and interest rate pressure that has weighed on non-yielding assets.
SpaceX IPO: The Stock Market Today’s Main Event Arrives Friday
Despite the turbulence, the week’s most anticipated stock market today event is still on track. SpaceX is set to make its Nasdaq debut on Friday under the ticker SPCX, priced at $135 per share with a target valuation of $1.77 trillion. The listing would make it the largest IPO in US history, raising approximately $75 billion.
Market participants are watching the debut closely. Analysts noted that Tesla shares have been under pressure this week, with investors selling Tesla to position for a first-day gain in SpaceX. Tesla fell 3.80% on Wednesday.
The SpaceX debut comes at a delicate moment for markets. A strong opening could provide a badly needed sentiment lift for the broader technology sector. A weak showing would add to the growing unease about whether public markets are ready to price trillion-dollar AI-era valuations.
What to Watch Thursday: PPI Report and Stock Market Futures
The stock market today will hinge on the Producer Price Index report due at 8:30 AM ET. Economists polled by Reuters expect wholesale inflation to have risen 0.7% on a monthly basis, with core PPI gaining 0.5%, both below the sharply elevated readings from April. Weekly jobless claims will also be released Thursday morning.
Oil prices and any further developments in the Iran conflict will remain the dominant driver of intraday sentiment. The Strait of Hormuz closure, if sustained, could push Brent crude well above $100 per barrel in the days ahead, adding a new layer of inflationary pressure that central banks will have little choice but to address.
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