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U.S. stock futures tumbled Tuesday, undoing a Monday equity comeback, as oil prices spiked again and traders began to worry the U.S.-Iran conflict could drag on longer than anticipated.
Futures for the Dow Jones Industrials plummeted 702 points, or 1.4%, to 48,243.
Futures for the S&P 500 index slid 98 points, or 1.4%, to 6,709.25.
Futures for the NASDAQ dumped 445.25 points, or 1.8%. to 24,580.
Iranian Revolutionary Guard commander said the Strait of Hormuz — the world’s most vital transit route for crude oil — is closed and that Iran would set ablaze ships attempting the route, Reuters reported, citing Iranian media.
U.S. President Donald Trump has warned that the conflict could continue for more than four weeks.
Tech stocks, which led the Monday intraday comeback, were lower in early trading Tuesday. Nvidia and Broadcom lost 2% each in premarket trading. Most of the stocks in the S&P 500 were in the red except for oil and energy stocks.
In Japan, the Nikkei 225 sank 3.1%, while in Hong Kong, the Hang Seng fell 1.1%.
Oil prices rocketed $5.11 to $76.34 U.S. a barrel.
Gold prices backed off $99.90 to $5,211.70 U.S an ounce.
