Following a smart recovery in the previous session, the US stock market is likely to open Thursday’s session, 5 March, on a flat note. Futures of the three key averages — the S&P 500, Dow Jones Industrial Average and Nasdaq — are trading mixed at 0.01%, -0.33% and 0.01%, respectively, in pre-market trade as investors await key US economic data releases amid the US–Iran war.
Initial jobless claims are due later today, while the more critical unemployment rate and nonfarm payrolls numbers are scheduled for tomorrow, which will provide cues about the US Federal Reserve’s rate-cut outlook.
US-Iran war enters its sixth day
The conflict in the entered its sixth day on 5 March, with Iran continuing its attacks on US military bases and key energy infrastructure in the Gulf region. The Israeli military reportedly said it launched targeted strikes in Lebanon against the Iranian-backed Hezbollah militant group in Beirut’s southern suburbs.
, which took a breather on Wednesday, have resumed their winning run as the conflict shows no signs of abating, only worsening with each passing day.
Iran warned that the United States would “bitterly regret” torpedoing an Iranian warship in the Indian Ocean, while a religious leader called for “Trump’s blood,” AP reported.
Meanwhile, Tehran also dismissed a report that its Ministry of Intelligence had reached out to the as “pure falsehood.”
More than 1,000 people have reportedly died in Iran so far, along with dozens elsewhere in the region.
US President Donald Trump said on Tuesday that the US is preparing to provide risk insurance and escorts for ships in the Persian Gulf to ensure traffic can move through the Strait of Hormuz.
Tanker traffic through the Strait — the world’s most vital transit route for crude oil — had come to a halt after an Iranian Revolutionary Guard commander threatened to set fire to ships attempting the route.
Ship-tracking data now shows around 300 oil tankers currently inside the Strait of Hormuz, with traffic in and out of the chokepoint all but halted following the outbreak of the war, according to Reuters.
Crude, US dollar regain strength
, the international benchmark, surged 4% to $84.63 per barrel. US benchmark crude jumped 4.4% to $78 per barrel.
The dollar also resumed its gains after a breather in the previous session. The dollar index, which measures the greenback against a basket of currencies, rose 0.4% to 99.2.
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