U.S. stock futures were lower on Friday, while crude prices rose, as traders monitored the latest developments on the Iran war.
Futures for the Dow Jones Industrials sank 197 points, or 0.4%, to 46,029.
Futures for the S&P 500 index handed back 28.5 points, or 0.4%, to 6,496.50.
Futures for the NASDAQ plunged 153.75 points, or 0.6%. to 23,640.50.
Friday’s slip comes a day after the NASDAQ Composite fell into a correction, down more than 10% from a record set in October. The Dow is also nearing correction territory, down more than 9% from its all-time high. The S&P 500 is around 7% below its record.
Shares of the conservative cable news network Newsmax jumped 5% after posting fourth-quarter revenue and full-year sales guidance that came in stronger than expected. Quarterly revenue of $52.2 million exceeded the $44.0 million FactSet consensus estimate.
President Donald Trump extended a deadline to attack Iran’s energy infrastructure said he would extend a pause to attack Iran’s energy facilities to April 6, a little over a week after the original deadline that was set to end Friday.
The announcement is the latest signal the Trump administration is seeking an end to the U.S.-Iran war, a conflict that has resulted in surging oil prices that’s already hurting voters at the pump and could cost Republicans their seats in the midterm elections.
A resolution to the conflict would be a boon for the stock market, which has tumbled since U.S. and Israel attacked Iran’s energy infrastructure on Feb. 28.
Uncertainty remains for investors, however, after Iran’s foreign minister reportedly told state media this week that Tehran has no intention of holding talks with the U.S., even if its leaders are reviewing an American proposal to end the war.
On top of that, The Wall Street Journal reported, citing people familiar with the matter, that the Pentagon was considering sending another 10,000 troops to the Middle East.
Stocks were headed for a mixed week. As of Thursday’s close, the S&P 500 and NASDAQ Composite were on pace for loses, down 0.5% and 1.1%, respectively.
Both benchmarks were headed for their fifth losing week in a row. The 30-stock Dow was the lone index set to close the week out in positive territory, up 0.8%.
In Japan, the Nikkei 225 settled 0.4%, while in Hong Kong, the Hang Seng moved upward 0.4% Friday.
Oil prices captured $2.50 to $96.98 U.S. a barrel.
Gold prices hiked $28.70 to $4,405.40 U.S an ounce.
