Crude prices are surging in response to President Trump's comments
Stock futures are tumbling again this morning. Dow Jones Industrial Average (DJI) futures are off 423 points, after President Donald Trump told the NATO conference in Turkey that the ceasefire with Iran is over, after the country earlier this week initiated attacks on oil tankers on the Strait of Hormuz. West Texas Intermediate (WTI) prices have surged roughly 5% in response. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also sliding, as chip stocks extend yesterday's selloff. Later today, investors will be keen to unpack the Federal Reserve's June meeting minutes at 2 p.m. ET.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White on why small caps ruled the roost for the first half of 2026.
- This utility stock signal hasn't failed investors yet.
- Plus, BABA surges; Estee Lauder restructures; and a cruise stock in the red.
5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 2 million call contracts and 1.4 million put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.69, while the 21-day moving average remained at 0.58.
- Shares of Alibaba Group Holding Ltd (NYSE:BABA) are 9% higher before the opening bell, after the e-commerce giant reaffirmed overall profit for June. Today's surge will be a welcome reprieve for the China-based name, as shares sport a 25.7% deficit for 2026 and attempt to extend a bounce off its June 26 bottom of $91.99.
- Estee Lauder Companies Inc (NYSE:EL) stock is down 1.1% ahead of the open, after the makeup retailer said it expected its restructuring plan to cost $1.75 billion, significantly above previous estimates. EL sports a 19% year-to-date deficit.
- Carnival Corporation Ltd (NYSE:CCL) stock is off by 4.8% in electronic trading, oil prices weigh on travel stocks. Should these losses hold, it will mark a sixth-straight drop for the cruise name, adding more weight to a 9% year-over-year deficit.
- All eyes are on today's Fed meeting minutes.
Global Markets Follow Suit With Steep Drops
Asian markets finished mostly lower. China’s Shanghai Composite slipped 0.5%, after the People’s Bank of China (PBOC) pointed to a growing gap between ample supply and soft demand across the economy, announcing Wednesday it would keep monetary policy loose and expand financial support aimed at boosting consumer spending at home. Elsewhere, Japan’s Nikkei tumbled 2.1%, the South Korean Kospi entered bear market territory with a 5.4% loss, and Hong Kong’s Hang Seng bucked the trend with a 3% gain.
European markets are pulling back after President Trump announced the ceasefire deal with Iran had collapsed, stoking fresh fears over rising Middle East tensions and a potential spike in oil prices. France’s CAC and Germany’s DAX are each down 1.7%, while London's FTSE is off 0.9%.