Dow Jones futures are set to open Sunday evening, following Israel’s successful interception of Iran’s drone and missile attack on Saturday. Israel, along with U.S. and other allies, managed to shoot down over 99% of the 300-plus Iranian drones and missiles, causing slight damage to an Israeli military base. The attack was in retaliation for Israel’s strike on Iran’s consulate in Damascus on April 1, which resulted in the death of a senior general.
Despite the tensions in the Middle East, President Biden has condemned the attack and expressed his intention to pursue a diplomatic response. The stock market took a hit on Friday amid fears of an Iran attack, with Bitcoin prices also dropping significantly. The CBOE Volatility index, a measure of market fear, spiked to its highest levels since late October, reflecting heightened concerns among investors.
As Dow futures prepare to open, investors are closely watching key earnings reports from companies like Goldman Sachs and Charles Schwab, as well as chip giants like ASML and Taiwan Semiconductor. The market is navigating through a challenging period marked by geopolitical tensions, inflation concerns, and the ongoing earnings season. Traders will be monitoring the impact of these factors on the stock market rally and individual sectors in the coming days.
