US Equity Futures Fall on Middle East Tensions and Oil Gains
US equity futures traded lower Thursday as investors reacted to escalating Middle East tensions and higher oil prices. Dow Jones Industrial Average futures declined 0.6%, S&P 500 futures fell 1%, and Nasdaq futures dropped 1.7%. Iran-backed Houthi forces continued attacks on Saudi Arabian infrastructure, while the United States ordered non-emergency government employees and their families to leave the region, according to multiple reports. The New York Times reported, citing US officials, that the US and Israel have mapped out plans for fresh strikes on Iran after next month's midterm elections. Front-month North Sea Brent crude rose 2.9% to $111.92 per barrel, and US West Texas Intermediate crude increased 2.3% to $99.40 per barrel. Procter & Gamble reported higher fiscal first-quarter core earnings and net sales. Western Digital is expected to report fiscal first-quarter earnings after the close, with analysts polled by FactSet forecasting $4.11 in earnings per share on $4.14 billion in revenue. Estimates compiled by Bloomberg expect weekly jobless claims to show 200,000 new claims for the week ended Oct. 17, up from 199,000 in the prior week. September's leading indicators data is scheduled for release at 10 a.m. ET, followed by the Kansas City Fed Manufacturing Index for October at 11 a.m.
US equity futures traded lower Thursday as investors reacted to escalating Middle East tensions and higher oil prices. Dow Jones Industrial Average futures declined 0.6%, S&P 500 futures fell 1%, and Nasdaq futures dropped 1.7%. Iran-backed Houthi forces continued attacks on Saudi Arabian infrastructure, while the United States ordered non-emergency government employees and their families to leave the region, according to multiple reports. The New York Times reported, citing US officials, that the US and Israel have mapped out plans for fresh strikes on Iran after next month's midterm elections. Front-month North Sea Brent crude rose 2.9% to $111.92 per barrel, and US West Texas Intermediate crude increased 2.3% to $99.40 per barrel. Procter & Gamble reported higher fiscal first-quarter core earnings and net sales. Western Digital is expected to report fiscal first-quarter earnings after the close, with analysts polled by FactSet forecasting $4.11 in earnings per share on $4.14 billion in revenue. Estimates compiled by Bloomberg expect weekly jobless claims to show 200,000 new claims for the week ended Oct. 17, up from 199,000 in the prior week. September's leading indicators data is scheduled for release at 10 a.m. ET, followed by the Kansas City Fed Manufacturing Index for October at 11 a.m.