Thursday April 12th

12-04-2018

Dow futures rise more than 150 points as Trump says Syria attack may not be imminent

U.S. stock index futures jumped on Thursday after President Donald Trump clarified his position on a possible missile attack in Syria. Around 8:35 a.m. ET, Dow Jones industrial average futures rose 154 points, indicating an uptick of 159.55 points at the open. Nasdaq 100 and the S&P 500 futures also indicated a slightly positive start to Thursday's session for their respective markets. In a tweet, Trump said: "Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In any event, the United States, under my Administration, has done a great job of ridding the region of ISIS. Where is our 'Thank you America?'" Crude and gold futures retreated slightly following Trump's tweet. The moves in premarket trade come after Wall Street finished its previous session deep in the red. On Wednesday, the Dow Jones industrial average slipped more than 200 points after Trump taunted Russia with the threat of imminent military action in Syria. Trump appeared to criticize the Kremlin, for the country's support of Syrian President Bashar Assad, after a suspected chemical attack occurred in Syria over the weekend. While political tensions between the U.S. and other nations continues to rattle sentiment, the U.S. administration isn't the only topic keeping Wall Street preoccupied. On Wednesday, Facebook CEO Mark Zuckerberg testified for the second time this week, this time in front of the House Energy and Commerce Committee, where he was questioned upon topics such as the guiding principles and legal obligations of the company. In economic news, weekly jobless claims fell by 9,000 last week to 233,000. Import prices, meanwhile, remained unchanged in March. Asian stocks closed lower on Thursday as investor confidence seen earlier in the week wavered overnight amid geopolitical tensions.The Nikkei 225 eased 0.12 percent, or 26.82 points, to close at 21,660.28. Over in South Korea, the Kospi gave up gains late in the session, slipping 0.06 percent to close at 2,442.71. Hong Kong's Hang Seng Index pared early gains to edge down by 0.74 percent by 3:00 p.m. Markets on the mainland, meanwhile, closed in negative territory. The Shanghai composite slipped 0.87 percent to end at 3,180.20 and the Shenzhen composite finished the day lower by 0.58 percent at 1,840.27. Oil markets edged back from highs last reached in late 2014 as ample supplies weighed, but prices were underpinned by worries over military escalation in Syria and trade tensions between the United States and China. Brent crude futures were at $71.62 a barrel at 8:26 a.m. ET (1226 GMT) on Thursday, down 44 cents from their last close. U.S. WTI crude futures were down 39 cents at $66.43. Both Brent and WTI on Wednesday hit their highest since late 2014 at $73.09 and $67.45 a barrel respectively after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trumpwarned Russia of imminent military action in Syria. Analysts said the resulting geopolitical fears had pushed fundamentals aside. Gold slipped from an 11-week high on Thursday as the dollar gained and investors booked profits, but rising tensions over military escalation in Syria prevented further losses. Snapping a four-day winning streak, spot gold fell 0.4 percent to $1,347.03 an ounce at 0956 GMT. U.S. gold futures fell 0.7 percent to $1,350.20.