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U.S. stock futures fell on Friday, while oil prices roiled and safe-haven assets rallied, following reports of an Israeli missile attack on Iran that shook global markets and accelerated simmering military tensions in the country. region.
Updated at 7:12 amEDT
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Procter & Gamble (P.G.) Shares fell in early trading after the consumer brands group posted a mixed set of first-quarter earnings while raising its full-year profit forecast.
P&G said it expects core profits to rise by 10% to 11% this year, up from a previous forecast of 8% to 9%, as it continues to raise prices for its major consumer brands amid of what he called “resilient” demand in the United States and Europe.
For the three months ending in March, P&G posted earnings of $1.52 per share, beating estimates by 11 cents, on sales of $20.2 billion, just shy of the Street estimate of $20.41 billion.
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However, Israel's limited attack appears to have targeted military installations south of Tehran and is unlikely, at least for the moment, to provoke a response from the Iranian government.
In fact, officials on both sides downplayed the attacks: Israel claimed no formal responsibility and Iran dismissed them as a failed “infiltrators” effort that caused limited damage.
The subdued tone eased tensions in global markets, which initially sent oil prices rising beyond $90 a barrel before retreating to around $87.02 a barrel ahead of the New York trading session. .
“The attack, but also the reaction in the markets, shows that geopolitical risks are real and should be taken seriously by all investors,” Saxo Bank strategists wrote. “A new escalation between Israel and Iran could push up energy prices and deal a blow to economic growth and equity risk sentiment.”
stocks in Asia suffered heavy losses, with the MSCI ex-Japan index falling 1.61% and Japan's Nikkei 225 falling 2.66%, but markets stabilized in European trading, with the Stoxx 600 falling just one 0.39% in the first Frankfurt operations.
On Wall Street, US Treasury yields retreated from their recent multi-month highs, with 10-year bonds falling to 4.584% and 2-year bonds pegged at 4.958%, as investors deposited cash in safe haven assets while assessing the impact of the Iran-Israel conflict.
Spot gold prices held near the $2,400 mark in overnight trading and were last settled at $2,383.79 an ounce, about $40 below the all-time high recorded on April 12.
The US dollar index, which tracks the greenback's performance against a basket of six global currencies, was down 0.12% at 106.024, suggesting improved risk appetite ahead of the session. Friday and at the start of Easter celebrations on Monday.
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However, the key indicator of market volatility remains elevated, with the VIX index trading at a five-month high of $19.45, a level that suggests traders expect daily swings for the S&P 500 of around 61 points for next month.
Meanwhile, stock futures indicate a firmly lower opening for US markets, with contacts linked to the S&P 500 suggesting a drop of 21 points and those linked to the Dow Jones Industrial Average indicating a decline of 128 points.
Meanwhile, the tech-focused Nasdaq is down 111 points, with Netflix (NFLX) is expected to fall more than 5.5% after a weak near-term revenue outlook that overshadowed a better-than-expected first-quarter earnings report.
tesla (TSLA) Shares were also back in the red, falling 1.7% in premarket trading to take the stock to the lowest levels in more than a year.
Related: Analyst revises Tesla price target amid major strategy shift
global paramount (FOR) Meanwhile, shares rose more than 10.2% to $12.09 each following a Reuters report suggesting private equity group Apollo Global Management is considering a bid for the group along with Sony Pictures Entertainment.
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