Traders work at the New York Stock Exchange on June 9, 2026.
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U.S. stock futures slipped on Tuesday night after the U.S. launched “self-defense strikes” against Iran, in retaliation for the downing of a helicopter a day earlier.
S&P 500 futures and Nasdaq 100 futures both shed 0.3%. Futures tied to the Dow Jones Industrial Average fell by 161 points, or 0.3%.
Asian markets open lower Wednesday, with South Korea’s Kospi leading the declines, down over 2%. Japan’sย Nikkei 225ย dropped 0.71%, while Australia’s benchmark S&P/ASX 200 was marginally lower.
Oil prices ticked higher after the strike, and West Texas Intermediate crude futures were last up roughly 1%, trading around $89 a barrel.
Tensions in the Middle East ramped up again on Tuesday evening, after U.S. forces launched strikes against Iran “in response to yesterday’s downing of a U.S. Army Apache helicopter,” U.S. Central Command said. President Donald Trump had earlier accused Iran of shooting down the helicopter, which he said was patrolling over the Strait of Hormuz.
Iran has not directly claimed responsibility for shooting down the helicopter. However, this latest development threatens the fragile ceasefire between the U.S. and Iran, and could hinder progress toward a peace deal.
In regular trading Tuesday, chip stocks sold off again, dragging the S&P 500 and Nasdaq Composite lower by 0.26% and 0.97%, respectively. On the other hand, the blue-chip Dow rose 86.10 points, or 0.17%.
Tuesday’s rout was an extension of last week’s pullback, which followed a rally driven by artificial intelligence.
“If we’re talking about the substance of what we’ve seen over the past few weeks, it’s really been concentrated in that memory, semiconductor area that’s lifted the market. It’s been the real force behind everything, and really it’s run so hard that it feels very toppy at this moment,” said Marta Norton, chief investment strategist for Empower Investments, on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon.
“So, does this mean that there’s some sort of fundamental deterioration?” she added. “I’m not so sure about that, but certainly there seems to be stretched sentiment that we’re getting some sort of correction too.”
May’s consumer price index reading will be released at 8:30 a.m. ET on Wednesday morning. The Dow Jones consensus predicts the index will show inflation running at a 4.2% annual rate and an expected monthly gain of 0.5%. This would mark the first time the consumer price index, or CPI, has crossed the 4% threshold since May 2023. It would also be the highest reading since April of that year.
Chewy reports earnings before Wednesday’s opening bell.
โ CNBC’s Jeff Cox and Kevin Breuninger contributed reporting.
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