Pre-Market Update: S&P 500 Seeks Longest Winning Streak Since 1995 as Oil Prices Rise

TLDR

• S&P 500 futures down 0.1%, Dow futures down 0.4%, Nasdaq futures up 0.2% in pre-market Wednesday
• S&P 500 rose for a ninth straight day Tuesday, chasing its longest winning streak since 1995
• U.S.-Iran tensions escalated after strikes on an oil tanker, pushing Brent crude up around 2.5%
• WTI crude climbed above $96 a barrel, Brent hovered near $98, raising fears over the Strait of Hormuz
• New U.S. tariff proposals of at least 10% on 60 trading partners added pressure to markets

U.S. stock futures were mixed early Wednesday as Wall Street weighed a historic winning streak against rising oil prices and renewed tensions in the Middle East.

Dow Jones Industrial Average futures fell 0.4%, S&P 500 futures slipped 0.1%, and Nasdaq 100 futures edged up 0.2% in pre-market trading.

The S&P 500 closed higher for a ninth straight session on Tuesday. All three major indexes also finished at record highs together for the fifth day in a row. If the S&P 500 extends its run to 10 days, it would be the longest winning streak since 1995.

A run of six consecutive record closes across all three indexes has only happened once before, back in 1992.

Strong earnings from companies showing growth in artificial intelligence helped push stocks higher on Tuesday. Reports from Dell and HPE both highlighted AI as a key driver of business.

Oil and Middle East Tensions

The mood shifted overnight as fresh military exchanges between the U.S. and Iran rattled energy markets. The U.S. struck a tanker it said was attempting to break its blockade. Iran responded with fire.

Brent crude rose around 2.5% in early trading. WTI crude climbed above $96 a barrel, with Brent hovering near $98. Fears around a potential closure of the Strait of Hormuz are driving the move higher.

U.S. Central Command said Tuesday night that a ceasefire was still “ongoing.” But Israel’s military campaign against Hezbollah in Lebanon has complicated efforts to reach a lasting deal.

President Trump posted on social media earlier this week, saying talks with Iran were continuing “at a rapid pace.” Markets have remained cautious despite those assurances.

Hargreaves Lansdown analyst Matt Britzman said the market tone remains “broadly upbeat” even as investors try to work out what is happening in the Middle East.

Tariffs Return as a Market Concern

Tariffs resurfaced as a concern Wednesday. The U.S. Trade Representative proposed levies of at least 10% on dozens of trading partners following an investigation into forced labor practices.

The European Union, Canada, Mexico, the U.K., and Taiwan are among 60 economies named in the proposal.

On the earnings front, Broadcom, CrowdStrike, and Macy’s are all due to report results Wednesday.

Investors are also watching Wednesday’s ADP employment data ahead of Friday’s May jobs report, which could move markets heading into the weekend.

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