All three major indexes are poised for moves 1% lower or more
Stock futures are indicating a massive selloff today, after last night's address from President Donald Trump left investors deflated about the possible end of the Iran war. Although Trump indicated progress had been made, he shared plans to hit Tehran "extremely hard." Crude prices have resumed their run higher in response, with West Texas Intermediate (WTI) up nearly 10% at last check. Futures on Dow Jones Industrial Average (DJIA) are down over 630 points, while Nasdaq-100 (NDX) and S&P 500 Index (SPX) futures are also down 1% or more.
5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 1.9 million call contracts and 1.2 million put contracts traded Wednesday. The single-session equity put/call ratio rose to 0.63, while the 21-day moving average stayed at 0.60.
- General Motors Co (NYSE:GM) stock is off 2.5% premarket, after sales fell 9.7% in the first quarter. Rising oil prices are also contributing to headwinds. Ahead of today's drop, GM was already nursing a 7.7% year-to-date deficit, despite tapping a record high two months ago.
- Satellite name Globalstar, Inc. (NASDAQ:GSAT) is charging 13% higher before the open, after the Financial Times alleged Amazon.com (AMZN) was looking to purchase the company. GSAT has been a long-term outperformer on the charts, surging 230% over the past 12 months.
- The cruise sector is taking a hit after President Trump's national address. Shares of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) are off 4.25% ahead of the bell, once again pulling back toward its late-March lows. Since the start of 2026, NCLH has lost 13.1%.
- What to expect for the holiday-shortened Easter week.
Tech Stocks Drag European Markets Lower
Asian markets also pivoted lower in response to President Trump’s remarks. South Korea’s Kospi paced the laggards with a 4.5% selloff, with small caps bearing the brunt. Japan’s Nikkei lost 2.4%, while Hong Long’s Hang Seng and China’s Shanghai Composite lost 0.7% each.
Europe is reacting in similar fashion, with tech stocks in particular struggling. Ryanair CEO Michael O’Leary warned that the U.K. is exposed to jet fuel shortages as the Middle East conflict weighs. At last check, London’s FTSE 100 is off 0.4%, the French CAC 40 is 1.3% lower, and the German DAX is down 2.3%.