S&P 500 Futures Drop 0.5% as US-Iran Attacks Escalate

U.S. stocks face further downside pressure on June 10 after renewed military exchanges between the U.S. and Iran raised geopolitical risk. S&P 500 futures fell 0.5% premarket following the index's 0.3% close at 7,386.65 the prior session. The escalation around the Strait of Hormuz followed May's hotter CPI print of 4.2% year-over-year, which had already triggered a defensive rotation, lifted oil prices toward $90-93 per barrel, and kept alive prospects of tighter Fed policy. Mixed macro moves showed crude rising while gold plunged more than $100. Overseas equities weakened, reinforcing the risk-off tone amid energy volatility and inflation concerns.