Dow futures cut losses as investors weigh Iran retaliation
Stock futures turned mildly higher early Wednesday, retracing initial losses after Iran fired a series of missiles at U.S. forces that were stationed in Iraq Tuesday evening.
Dow futures were virtually unchanged after tumbling more than 400 points late Tuesday. Standard & Poor’s 500 futures ticked up 0.3%, paring losses after sliding more than 1%.
Investors have braced for heightened tensions in the oil-rich Middle East after a U.S. air strike killed a top Iranian general in Iraq last week. Iran’s apparent retaliation initially sent global stock markets sharply lower overnight, but the moves stabilized as investors reassessed the possibilities of a broader conflict.
London’s FTSE 100 opened lower and Japan’s Nikkei 225 dropped about 2% before recovering some of its losses. Stock markets in Hong Kong and Shanghai also fell.
Brent crude futures, the international benchmark, topped $70 per barrel before retreating. U.S. crude was little changed after jumping more than 3% overnight.
Gold prices eased, edging up 0.3% at $1,579.50 per ounce, after touching their highest price in nearly seven years earlier this week.