U.S. stock futures signaled a slightly weaker start on Wednesday, suggesting equities may slip at the open after finishing the previous session with mixed results following choppy trading.
Higher oil prices could weigh on sentiment, as crude for April delivery has jumped nearly 4% after plunging almost 12% during Tuesday’s session.
Oil is recovering after United Kingdom Maritime Trade Operations reported receiving information that three vessels were struck by projectiles off the Iranian coast, raising concerns about maritime safety in the Strait of Hormuz.
Separate reports indicating that Iran may be attempting to lay mines in the Strait of Hormuz have also increased worries about shipping through the crucial energy corridor.
In U.S. economic news, new figures from the Labor Department showed consumer inflation rose in February in line with economists’ expectations.
The report indicated that the consumer price index increased by 0.3% in February, following a 0.2% rise in January, matching forecasts.
Core prices, which exclude food and energy, advanced 0.2% in February after increasing 0.3% in January, also in line with estimates.
The data further showed that annual inflation remained steady, with headline consumer prices rising 2.4% year-over-year and core inflation holding at 2.5%.
After rebounding from an early decline to finish Monday mostly higher, U.S. markets struggled to maintain momentum on Tuesday. The major indices moved back and forth around the unchanged level throughout much of the session.
By the end of trading, the results were narrowly mixed. The Nasdaq added 1.16 points, or less than 0.1%, to close at 22,697.10. Meanwhile, the Dow Jones Industrial Average slipped 34.29 points, or 0.1%, to 47,706.51, and the S&P 500 dropped 14.51 points, or 0.2%, to 6,781.48.
Sharp swings in crude prices contributed to the volatility, with oil for April delivery falling nearly 12% on Tuesday after briefly approaching $120 per barrel earlier in the week.
Investors were also reacting to ongoing uncertainty surrounding the U.S. conflict with Iran following recent remarks from President Donald Trump.
Speaking at a press conference on Monday, Trump said the conflict with Iran could end “very soon,” although he did not provide specific details about how the war might conclude.
In a later post on Truth Social, the president warned that Iran would face retaliation “twenty times harder” if it attempted to disrupt oil shipments through the Strait of Hormuz.
“We will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” Trump said.
Echoing the president’s remarks, Defense Secretary Pete Hegseth said in a press conference earlier today that Iran is “badly losing,” but added that the United States still plans to carry out its “most intense day of strikes” in Iran later today.
Reflecting the subdued market environment, most sectors posted only limited movements.
Software companies were among the biggest laggards, with the Dow Jones U.S. Software Index falling 1.7%.
Stocks of oil producers, natural gas companies and homebuilders also moved lower, while gold-related shares rallied alongside gains in the price of the precious metal.
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