June S&P 500 E-Mini futures (ESM24) are up +0.44%, and June Nasdaq 100 E-Mini futures (NQM24) are up +0.52% this morning as market participants wagered that tensions in the Middle East won’t escalate following Iran’s unprecedented attack on Israel over the weekend, with the focus shifting to Wall Street’s earnings season, key economic data releases, and a parade of Fed speakers.
Iran launched a wave of more than 300 drones and cruise and ballistic missiles toward Israel late on Saturday in apparent retaliation for a strike in Syria that resulted in the deaths of top Iranian military officers. A military spokesman, Rear Adm. Daniel Hagari, said that Israel and its allies intercepted most of the attack drones and missiles launched by Iran, calling the outcome “a very significant strategic success.” Meantime, speculation about the conflict remaining contained arose after Iran stated, “the matter can be deemed concluded,” and President Joe Biden reportedly told Israeli Prime Minister Benjamin Netanyahu that the U.S. would not back an Israeli counterattack.
