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Stock market today: Gold and oil spike and US futures drop after Iran comes under fire

eople walk on the streets of Tehran as they continue their daily lives after the explosions heard in Isfahan and Tabriz cities of Iran, in Tehran, Iran on April 19, 2024. The sounds were heard due to the activation of the air defense system and the destruction of 3 mini unmanned aerial vehicles (UAV), Iranian media reported.
Explosions were heard near the Iranian cities of Isfahan and Tabriz, Iranian media reported.Fatemeh Bahrami/Getty Images
  • Stocks are set to open in the red on Friday as markets reacted to Israel's apparent strike on Iran.

  • Gold, a safe-haven asset, jumped overnight amid rising fears of a wider Middle East conflict.

  • Brent crude oil prices also shot up before paring gains.

US stocks are set to open lower on Friday after Israel's apparent retaliatory strike against Iran.

S&P 500 futures were down 0.6% shortly before 5 a.m. ET, putting the index on track for its sixth consecutive day of declines. Nasdaq 100 futures sank 0.85%, and Dow Jones Industrial Average futures were down 0.5%.

Brent crude was up 0.1% in pre-market trading, paring gains after jumping 3% to more than $90 a barrel on reports of a strike near the Iranian city of Isfahan. Israel has not claimed responsibility and Iranian media downplayed the attacks.

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Gold, a safe-haven asset, also spiked in response to the developments. Prices hit a near-record high of $2,426 per ounce but have since dipped to trade flat.

Markets have been on edge over fears of a widening of the conflict in the Middle East — a major oil-producing region. A broader conflict could endanger energy supplies and impact the global economy. Traders will stay glued to regional developments throughout Friday to gauge the likelihood of further conflict.

Elsewhere, Netflix shares fell more than 4% after-hours despite the streaming giant announcing better-than-expected quarterly results. Even though subscriber growth beat expectations, investors reacted unfavorably to news that Netflix will stop releasing subscriber statistics.

Tech stocks were further hit with a 6% decline for TSMC after the Taiwanese chipmaker revised revenue growth outlook for the chip industry.

Markets closed lower on Thursday after the release of strong economic data and a series of hawkish comments from Fed officials lowered expectations for rate cuts once again.

"I definitely don't feel urgency to cut interest rates," said New York Fed President Williams, adding to the day's pessimistic outlook.

American Express and consumer goods giant Procter & Gamble are due to report quarterly earnings later on Friday.

Read the original article on Business Insider