June S&P 500 E-Mini futures (ESM26) are trending down -0.49% this morning as investors digested conflicting news about the Middle East conflict, while China escalated its trade dispute with the U.S.
President Trump said on Thursday that he was extending the pause on strikes against Iranian energy infrastructure for 10 days at Iran’s request. In a Truth Social post, Trump added that “talks are ongoing” with Tehran. However, The Wall Street Journal reported that Iran has not requested the 10-day pause and has yet to provide its final response to the U.S.’s 15-point plan to end the war. The WSJ also reported that the Pentagon is weighing sending up to 10,000 additional ground troops to the Middle East to provide President Trump with more military options. Meanwhile, Iran and Israel traded missile strikes and Tehran targeted multiple Gulf states on Friday. The price of WTI crude climbed over +2% on Friday, while Treasury yields rose across the curve, with the ten-year rate climbing four basis points to 4.47%.
