The U.S. Futures is trending lower on Wednesday after Iran launched retaliatory strikes on the U.S. bases in Kuwait, Behran and Jordan. This is in response to the US claim that it had carried out a series of strikes on Tehran's military sites for downing a helicopter.
Asian shares finished mostly lower, while European shares are trading down.
In the Asian trading hours, the dollar was steady while gold prices tumbled below $4,200 an ounce.
Oil prices reversed earlier gainsBrent crude futures fell toward $91 a barrel.
Earlier signs from the U.S. Futures Index suggest that Wall Street might open significantly lower.
As of 7.50 am ET, the Dow futures were falling 435.00 points, the S&P 500 futures were sliding 73.00 points and the Nasdaq 100 futures were declining 465.00 points.
The U.S. major averages closed lower on Tuesday. The tech-heavy Nasdaq eventually ended the session down 250.84 points or 1 percent at 25,678.82. The S&P 500 also fell 19.08 points or 0.3 percent to 7,386.65, while the narrower Dow rose 86.10 points or 0.2 percent to 50,872.11.
On the economic front, the Consumer Price Index or CPI for May will be released at 8.30 am ET. The consensus is for an increase of 0.5 percent, while it was up 0.6 percent in the prior month.
The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were down 8.00 million barrels and the gasoline inventories were up 3.4 million barrels.
Ten-year Treasury Note auction will be held at 1.00 pm ET.
The Treasury Statement for May will be published at 2.00 pm ET. The consensus is for deficit of $269.5 billion, while it was up $215.02 billion last month.
The Jobless Claims is expected at 8.30 am ET on Thursday.
Asian stocks ended mostly lower on Wednesday. China's Shanghai Composite index dropped 0.42 percent to 3,993.23.
Hong Kong's Hang Seng index fell 0.64 percent to 24,407.96.
Japanese markets tumbled. The Nikkei average slumped 1.89 percent to 64,179.27. The broader Topix index settled 1.25 percent lower at 3,847.60.
Australian markets snapped a three-session losing streak. The benchmark S&P/ASX 200 rose 0.57 percent to 8,653.30 while the broader All Ordinaries index ended up 0.36 percent at 8,857.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.