5 things to know before the stock market opens Wednesday

1. S&P 500 futures turn positive after sinking overnight on Iran’s retaliation

S&P 500 futures turned higher Wednesday morning, coming back from overnight lows of more than 1.6% after Iran retaliated for the U.S. killing of a top Iranian general. In the immediate aftermath of Iran on Tuesday night launching more than a dozen ballistic missiles against multiple bases housing U.S. troops in Iraq, Dow futures sank 400 points and international oil prices surged 4%. But like stocks, crude prices evened out as the Iranian attacks were less than feared. Oil was only modestly higher in morning trading.


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2. Trump tweets, “All is well,” plans to make a statement in the morning

There are no reports of any U.S. service members being hurt in the Iranian strikes. President Donald Trump responded on Twitter. “All is well!” he said. “Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties & damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far!” Trump plans to make a statement Wednesday.

3. Ukrainian airline’s Boeing jet crashes after takeoff in Iran, killing all on board

A Boeing 737-800 passenger jet, not the grounded Max, operated by a Ukrainian airline crashed minutes after take-off from Tehran on Wednesday morning. There were no survivors. Ukraine International Airlines Flight 752 had 167 passengers and nine crew members on board. The cause of the crash was not immediately known, and could take months to determine. However, state media in Iran reported that the jet went down because of technical problems without providing any more details.


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4. Decline in Boeing shares causing a major drag on Dow futures

Dow stock Boeing was down about 2% in premarket trading Wednesday after the Ukrainian airline crash in Iran. The drop in Boeing shares, which has been under sustained pressure since last year’s grounding of the 737 Max fleet after two deadly crashes involving those jets, was responsible for about a 40-point drag on Dow futures, which were pointing to a steady open Wednesday on Wall Street.

5. ADP’s jobs report comes two days ahead of the government’s employment report

The direction of the Dow, which closed lower Tuesday on concerns about rising U.S.-Iranian tensions before the airstrikes, could be swayed Wednesday by U.S. economic data. The ADP’s December report on private sector employment is out at 8:15 a.m. ET. Economists estimate that American companies adding 150,000 new jobs last month, compared to 67,000 in November. The government issues its monthly employment report on Friday.

Source: cnbc.com | Original Link

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