Yesterday’s speech by Donald Trump regarding the conflict with Iran did not ease market fears, if anything, the opposite appears to be true.
Wall Street is posting significant losses across all major indices. The Russell 2000 is leading the declines, with futures down more than 2%. The S&P 500 and the Dow are holding up better, where futures are trimming losses to 1.4%.
Macroeconomic data:
- Data from the U.S. labor market has been released:
- The Challenger report shows that layoffs in the U.S. are expected to rise to 60.62k.
- Initial jobless claims came in below expectations, at 202k.
- The BEA also released foreign trade data. Imports rose to USD 372bn and exports to USD 66.31bn, resulting in a (total) trade balance of USD 57.3bn versus expectations of a USD 60.5bn deficit.
US100 (D1)
The demand side is clearly weakening, and the price remains below the EMA200, which is a strong bearish signal. In the short term, the key level for buyers is holding 23,600. If this level fails, sellers may retain full control and push the price lower, retesting the 23,000-point level.
Source: xStation5
Company news:
- Exxon (XOM.US): Oil producers and refiners are rising on expectations of higher oil prices. The stock is up 2%.
- Globalstar (GSAT.US): The Financial Times reports that Amazon intends to acquire the satellite operator. The stock is up about 15%.
- Immunovant (IMVT.US): The pharmaceutical company is down 7% after stating that two of its late-stage studies showed a lack of the expected effects from its products.
- Blue Owl (OBDC.US): More private credit funds are suspending withdrawals. The stock is down as much as 6%.
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