S&P 500 futures fall as Iran tensions snap 9-day winning streak
S&P 500 futures fell early Thursday after the index snapped a nine-session winning streak, as rising U.S.-Iran tensions and weaker technology earnings cooled a record-setting rally. The pullback showed that investors are still willing to buy the AI story but less willing to ignore higher oil prices, rising yields, and escalating Middle East risk.
Highlights
- S&P 500 fell 0.74% after the index snapped a nine-session winning streak.
- Nasdaq Composite dropped 0.89% as Broadcom and CrowdStrike weighed on technology sentiment.
- The Dow fell 620.72 points, or 1.21%.
Futures slip after rally breaks
Futures tied to the S&P 500 fell 0.43%, while Nasdaq 100 futures dropped 0.57%. Dow Jones Industrial Average futures were little changed, pointing to a cautious open after Wednesday’s broad decline.
The S&P 500 fell 0.74% in the previous session, ending its nine-day winning streak. The Nasdaq Composite lost 0.89%, while the Dow dropped 620.72 points, or 1.21%. MarketWatch said the decline ended a powerful run that had pushed major indexes to records earlier in the week.
Technology shares added to the pressure. Broadcom fell sharply in extended trading even after reporting strong AI-chip growth, as investors focused on results that failed to clear high expectations. MarketWatch reported that Broadcom shares were down more than 13% after hours, while CrowdStrike also weakened after earnings and guidance disappointed investors.
Iran risk lifts oil and yields
Geopolitics remained the main market risk. Oil rose this week after hostilities escalated between the U.S. and Iran, including Iranian missile and drone attacks aimed at Kuwait and Bahrain and U.S. strikes on Iran’s Qeshm Island near the Strait of Hormuz.
Political pressure in Washington is also rising. The Republican-led House approved a war powers resolution aimed at limiting President Donald Trump’s ability to continue military action against Iran, with four Republicans joining Democrats, according to The Guardian.
Rally durability comes into focus
The market retreat does not necessarily end the broader bull trend, but it does mark a change in tone after a strong run. Keith Lerner of Truist Wealth told CNBC that a pause was normal after such gains, saying markets often move “two steps forward, one step back.”
The next test comes from earnings and economic data. Ciena and Brown-Forman are due to report before Thursday’s open, while investors will also watch productivity, unit labor costs, and weekly jobless claims for signals on inflation, growth, and the Federal Reserve’s path.
As previously covered, Goldman Sachs raises the S&P 500 target to 8,000.
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