American stock futures opened lower on Wednesday as crude oil prices surged and bond yields climbed in response to intensifying conflicts in the Middle East. S&P 500 futures dropped 0.1% by 8:00am Eastern Time, though the Nasdaq managed to recover slightly thanks to a dramatic rally in Dell Technologies shares.
Oil prices tell the story. West Texas Intermediate crude hovered around $90 per barrel after Washington launched a second round of strikes against Iran within three days. Brent crude approached $94 a barrel, pushing US sel prices to their highest levels since April. The 30-year Treasury yield climbed to 5.28%, reflecting growing market anxiety.
Not all stocks suffered equally. Dell Technologies surged 8% in premarket trading after boosting its annual sales forecast by a staggering $25 billion, driven by exploding demand for AI servers. GitLab shares rocketed 21% higher after raising full-year revenue guidance. However, MongoDB tumbled 12% despite beating earnings expectations, as investors questioned growth momentum in its Atlas product.
Market strategists at JPMorgan, who shifted to a neutral stance on Monday, warned that equities will struggle until crude prices and interest rates ilize. Wednesday’s economic calendar includes the August ADP employment report and July factory orders data.
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