(Editor’s note: The future prices of benchmark tracking ETFs, and the headline were updated in the story.)
U.S. stock futures fell sharply on Tuesday following Monday’s mixed close. Futures of the major benchmark indices were negative amid the ongoing Iran-U.S. conflict.
Iranian state media reported that Tehran has closed the Strait of Hormuz and warned it would fire on any vessel attempting to pass. Also, Israel’s IDF said it carried out simultaneous targeted strikes on military targets in Tehran and Beirut, including a strike on the Iranian state broadcaster.
According to Polymarket, traders are heavily leaning toward a down open on Tuesday, with the market pricing the S&P 500 to open lower at 93% “Down” versus 7% “Up,” on roughly $28,200 in volume.
Meanwhile, the 10-year Treasury bond yielded 3.09%, and the two-year bond was at 3.54%. The CME Group’s FedWatch tool‘s projections show markets pricing a 97.3% likelihood of the Federal Reserve leaving the current interest rates unchanged in March.
Index
Performance (+/-)
Dow Jones
-1.45%
S&P 500
-1.66%
Nasdaq 100
-2.17%
Russell 2000
-2.57%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Tuesday. The SPY was down 1.46% at $676.35, while the QQQ declined 1.88% to $596.64.
Stocks In Focus
Credo Technology Group Holding
Credo Technology Group Holding Ltd. (NASDAQ:CRDO) declined 12.10% despite reporting better than expected third-quarter results.
CRDO had a weaker price trend in the short and medium terms but a strong trend in the long term, with a solid growth score, as per Benzinga’s Edge Stock Rankings.
Full story available on Benzinga.com
