Stock futures turned mildly higher early Wednesday, retracing initial losses after Iran fired a series of missiles at U.S. forces that were stationed in Iraq Tuesday evening.
Dow futures were virtually unchanged after tumbling more than 400 points late Tuesday. Standard & Poor’s 500 futures ticked up 0.3%, paring losses after sliding more than 1%.
Investors have braced for heightened tensions in the oil-rich Middle East after a U.S. air strike killed a top Iranian general in Iraq last week. Iran’s apparent retaliation initially sent global stock markets sharply lower overnight, but the moves stabilized as investors reassessed the possibilities of a broader conflict.
London’s FTSE 100 opened lower and Japan’s Nikkei 225 dropped about 2% before recovering some of its losses. Stock markets in Hong Kong and Shanghai also fell.
Brent crude futures, the international benchmark, topped $70 per barrel before retreating. U.S. crude was little changed after jumping more than 3% overnight.
Gold prices eased, edging up 0.3% at $1,579.50 per ounce, after touching their highest price in nearly seven years earlier this week.
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A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Jan. 8, 2020. Oil prices rose and Asian stock markets fell Wednesday after Iran fired missiles at U.S. bases in Iraq in retaliation for the killing of an Iranian general. (Photo: Ahn Young-joon, AP)
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