Wall Street futures fall on Middle East uncertainties ahead of Trump-Xi talks
Attention is expected to turn to the Trump-Xi summit, with investors anticipating discussions on AI regulation, the Middle East conflict and Taiwan.
Wall Street experienced a decline on Thursday due to ongoing Middle East tensions and investors' anxiety ahead of a high-profile summit between President Donald Trump and President Xi Jinping. The Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures all fell, with the Nasdaq 100 E-minis sliding the most at 1.01%. This drop came after the US and Iran leaders engaged in a bitter exchange at the UN General Assembly, causing oil prices to rise back above $100 a barrel.
The yield on the 30-year Treasury bond reached its highest level since 2004, reflecting the increased likelihood of a prolonged conflict. Airlines and cruise companies, which rely on energy prices, also saw their shares decline. Technology stocks, which had driven the Nasdaq to new heights earlier in the week, were among the biggest losers.
Meta and Nvidia saw their stocks drop by 2% and 1%, respectively, while Marvell and Intel fell about 3% each. The upcoming summit is expected to focus on AI regulation, the Middle East situation, and Taiwan. The Federal Reserve is expected to raise interest rates further, with a 71% chance of a 25-basis-point hike in the next meeting.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
