The S&P 500 Index ($SPX) (SPY) today is down -0.50%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.77%. June E-mini S&P futures (ESM26) are down -0.43%, and June E-mini Nasdaq futures (NQM26) are down -0.73%.
Stocks are retreating today amid surging oil prices, as uncertainty persists over Iran’s willingness to engage in talks on a ceasefire. WTI crude oil prices are up more than +4% today after Axios reported the Pentagon is developing military options for a “final blow” in Iran that could include the use of ground forces and a massive bombing campaign. If there is no progress in diplomatic talks and the Strait of Hormuz remains closed when President Trump’s deadline ends this weekend, US military escalation appears more likely. President Trump said today that Iran had “better get serious soon, before it is too late, because once that happens, there is no turning back, and it won’t be pretty.”
