Markets face downward pressure as Brent crude exceeds $100 per barrel amid Middle East conflict, while Amgen shares slide on competitive trial data.
Brent crude breaks above $100 for first time since July on Iran supply disruption fears.
Amgen stock plunges over 10% after competitor Novartis reports positive late-stage trial results.
S&P 500 falls as Brent crude above $100 stokes inflation worries.
US crude rises 3% after US forces destroyed Iranian tankers, escalating tensions.
Dow Jones declines sharply due to oil price surge and geopolitical tensions.
Nasdaq Composite drops as higher energy costs pressure tech sector.
Novartis stock likely rises on successful Phase 3 trial for competing cholesterol drug.
U.S. stock index futures are trending lower as Brent crude prices breach the $100 threshold for the first time since July. The surge follows escalating military conflict between the U.S. and Iran, stoking investor fears regarding inflation and potential Federal Reserve interest rate hikes. Meanwhile, Amgen shares plummeted over 10% following positive clinical trial results from rival Novartis.
Oil prices are surging due to heightened geopolitical tensions in the Middle East, specifically military clashes between U.S. forces and Iran, which have led to the destruction of Iranian oil tankers.
The rise in energy costs is stoking inflation fears, leading investors to worry about potential interest rate hikes from the Federal Reserve, which has pressured major indices like the S&P 500 and the Dow Jones.