Trump's Iran War Address Rattles Markets

Investors got a fresh reminder Wednesday that geopolitics often calls the shots on Wall Street, CNBC reports. US stock futures slid Wednesday night after President Trump signaled the conflict with Iran is likely to grind on, even as he again suggested an end may be near. S&P 500 futures fell roughly 0.8%, Nasdaq 100 futures about 1%, and Dow futures dropped more than 300 points. Asian stocks also fell, the AP reports. The moves came as Trump vowed to strike Tehran "extremely hard" and said the US would push Iran "back to the stone ages" over the next few weeks.

Markets reacted in real time: futures weakened during the speech while oil prices jumped, with US crude up nearly 4% above $103 a barrel and Brent up 5% past $106—a high point for oil prices in recent weeks, Forbes reports. The shift followed a positive regular session, when major indexes rose on hopes the war was winding down. Earlier in the day, Trump said Iran had requested a ceasefire but tied any US consideration to reopening the Strait of Hormuz. With markets closed for Good Friday, traders will get weekly jobless claims Thursday and digest March's jobs report without being able to trade on it until Monday.