It’s a heated morning already as we look to US trading later with Trump going on blast about Iran today. The message is that he’s had just about enough as negotiations continue to drag on and now Iran must “pay the price”. As such, he is threatening fresh strikes against Iran’s infrastructure while indirectly reaffirming that the naval blockade will stay in place.
So much for being “very close” to a deal, eh? An interesting tidbit from yesterday was that Trump framed that a deal was close or something along those lines nearly 40 times during the war so far. Yet, here we are.
What is of added interest though is the timing of his message today. That especially as markets are already looking jittery with stocks selling off amid growing fears that the Fed will have to be more hawkish.
And those are two things that he clearly does not want happening in terms of market developments.
But as he keeps up his crusade against Iran, the jitters from this week are now continuing to permeate. S&P 500 futures are down 1.1% on the day with Nasdaq futures down 1.6% currently. Tech shares are bearing the brunt of the pain of the selloff as there are mounting concerns on the AI trade as well. And all of this is also making for a rough backdrop ahead of the SpaceX IPO on Friday.
Meanwhile, precious metals are also continuing to puke with the selloff deepening this week
