U.S.-Iran tensions lift oil and rattle markets, pushing stock futures lower

June 11 — Heightened geopolitical risk weighed on sentiment after the United States carried out additional strikes against Iran that it described as "self-defense." U.S. stock index futures retreated in Wednesday's after-hours session as oil prices climbed. S&P 500 futures fell 0.4%, Nasdaq 100 futures slid 0.6%, and Dow Jones futures were down about 123 points, or 0.3%. West Texas Intermediate (WTI) crude futures jumped nearly 3% to around $92 a barrel. Risk-off positioning followed a broad selloff during regular trading Wednesday. The Dow dropped 953.33 points (1.87%), the S&P 500 lost 1.62%, and the Nasdaq Composite declined 1.98%, led by semiconductor and technology shares. In single-stock moves, Oracle sank more than 11% after hours after saying it plans to raise roughly $20 billion through additional equity and debt financing to expand its AI infrastructure. The announcement stoked concerns about funding pressure and weighed on S&P 500 futures and technology software ETFs. Strategists said some money has started rotating out of AI-related trades into areas such as pharmaceuticals, biotechnology, financials and energy as investors look to offset elevated volatility in tech. Investors are also watching upcoming U.S. producer price inflation (PPI) data and initial jobless claims for clues on inflation and labor-market momentum, key inputs for the Federal Reserve's policy outlook.