S&P 500 Futures Slip as Iran Tensions Resurface and Trump Deal Hopes Fade

Markets reversed gains after fresh US-Iran strikes on June 3 lifted oil prices and triggered equity selling. The S&P 500 had surged above 7,500 in late May on ceasefire optimism that reopened the Strait of Hormuz, extending gains on AI capex strength despite sticky core PCE. Mixed signals, conflicting Trump statements, and halted talks injected volatility through early June, leaving indices driven by geopolitics and tech earnings.