Iran Brinksmanship Indicating Another Wall Street Selloff

Stock futures slipped Wednesday morning as investors weighed renewed geopolitical tensions and fresh inflation data. Dow futures are off by triple digits, while S&P 500 and Nasdaq-100 futures are also pointed firmly lower, after President Donald Trump warned Iran that negotiations were taking “too long” and hinted at further action. Oil prices moved up 2% in response. Meanwhile, May’s core consumer price index rose 0.2% month over month, below economists’ 0.3% forecast, while the annual rate held steady at 2.9%, helping futures recover from earlier lows.

Continue reading for more on today's market, including:

• This 2% SPX selloff may be different according to Senior Quantitative Analyst Rocky White.
• Historical pullback signaling Vertiv stock upside.
• Plus, SMCI sinks on stock sale, retailer jumping off Q3 report, and Nike continues spiraling. 

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 9.3 million call contracts and 9 million put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.96, while the 21-day moving average rose to 0.59. 
2. Super Micro Computer (NASDAQ:SMCI) shares are down 12% premarket, after the tech hardware company announced it plans to raise $7 billion in stock-related deals to help cover hardware costs. SMCI stock is continuing the downtrend that began after a rejection at $50 earlier this month. Year-to-date, the stock is up 38% heading into today.
3. Beloved country-themed restaurant chain Cracker Barrel (NYSE:CBRL) gained 11% before the bell after scoring a bottom-line beat for its fiscal third quarter, hiking its full-year revenue, and adjusting EBITDA guidance. CBRL is poised to open at a multi-month high. 
4. Nike (NYSE:NKE) is down 2% ahead of today's open, reeling from a RBC downgrade to "sector perform" from "outperform," with notes of Nike's weak turnaround. Heading into today, Nike stock is still near eight-year lows and carries a 30% nine-month deficit.

5. investors will be eyeing key financial reports later this week. 

Semiconductor Slide Hits Asia

Asian markets moved lower on Wednesday as semiconductor stocks resumed their slide. The South Korean Kospi staged another big swing with a 4.5% loss, while Japan’s Nikkei dipped 1.9%, Hong Kong’s Hang Seng shed 0.6%, and China’s Shanghai Composite lost 0.4%.

European markets are broadly in the red as well. London’s FTSE 100 was last seen down 0.6%, while the French CAC 40 and German DAX drop 0.7% and 1.1%, respectively. Meanwhile, the DIW economic institute said Germany was likely to slip into a technical recession this year due to the war in Iran.