Stock futures were mixed on Monday as oil prices surged and Middle East tensions escalated, offsetting gains in some sectors while weighing on chip stocks and broader global markets.
Quick Facts
- S&P 500 futures rose 0.2% while Dow futures fell 0.3% in early trading on June 8.
- Brent crude jumped $4.60 to $97.69 per barrel as Israel launched airstrikes on Iran.
- South Korea’s Kospi plunged 8.3%, with Samsung Electronics dropping 10.2% and SK Hynix declining 7.7%.
- Global shares sank after Wall Street’s worst day since October, driven by tech and semiconductor selling.
Oil prices climbed sharply as Israel and Iran traded strikes early Monday. Brent crude, the international standard, surged $4.60 to $97.69 a barrel, while West Texas Intermediate crude rose 4.5% to $94.58 per barrel, according to BNN Bloomberg.
The escalation came after Israeli forces targeted petrochemical facilities in southwestern Iran in response to earlier missile fire. Roughly a fifth of the world’s oil and liquefied natural gas supply passes through the Strait of Hormuz, making the region’s stability critical to energy markets.
U.S. stock futures remained mixed despite the oil rally. The S&P 500 futures edged up 0.2% while Dow Jones futures fell 0.3%, reflecting divergent sentiment across sectors. The moves came after Wall Street closed Friday with its worst day since October, driven by heavy selling in technology and semiconductor shares following a stronger-than-expected jobs report.
Chip stocks struggled globally. South Korea’s Kospi index plunged 8.3%, with Samsung Electronics, the country’s biggest company, dropping 10.2% and SK Hynix declining 7.7%. The weakness extended across Asia, as Japan’s Nikkei 225 fell 3.9%, Taiwan’s Taiex lost 3.5%, and Hong Kong’s Hang Seng fell 1.3%.
Diplomatic efforts were underway Monday to preserve a tentative ceasefire agreement reached between American and Iranian negotiators last week, though the latest military strikes further strained those efforts. The U.S. war with Iran has essentially blocked crude oil shipments from moving through the Strait of Hormuz.
Sources
- BNN Bloomberg — Oil prices surge, global stock market moves, chip stock declines, and Mideast conflict details.
- TheStreet — Stock futures performance, oil price movements, and market reaction to Israel-Iran tensions.
