U.S. stock futures fell on Thursday, weighed by higher oil prices, as traders followed the latest developments out of the Middle East. Futures tied to the Dow Jones Industrial Average fell 333 points, or 0.7%. S&P 500 futures and Nasdaq 100 futures shed 0.8% and 1%, respectively. President Donald Trump said in a Truth Social post that Iran “better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty.” Trump also labeled Iranian negotiators as “very different” and “strange,” claiming they were “begging” the U.S. to make a deal to end the now four-week war. This comes after Iran’s foreign minister reportedly told state media on Wednesday that top authorities in the Middle Eastern nation are reviewing an American proposal to end the war, but Tehran has no intention of having talks with the U.S. Meanwhile, Gulf countries issued a joint statement Thursday condemning Iran’s “criminal” strikes on their energy infrastructure. They added that they are ready to defend themselves going forward. “While we value our fraternal relations with the Republic of Iran, we call on the Irani government to take the necessary measures to immediately halt the attacks … toward neighboring countries,” the joint statement said. Wall Street is coming off a winning session, putting the major averages on track for a winning week, even in the face of the contradictory statements made by the U.S. and Iran regarding peace talks between the two sides. Tobin Marcus, head of U.S. policy and politics at Wolfe Research, believes the recent market moves signal that investors are betting Iran is the one that could be “lying.” Markets “seem to be concluding that Iran’s negative public message may be a smokescreen for a more accommodating private posture,” he wrote in a note. “We’re not so sure, and the ambiguity can’t last much longer amid Trump’s 5-day deadline for talks.” Treasury yields rose on Thursday as investors digested mixed messages around the state of negotiations between the U.S. and Iran. The benchmark 10-year Treasury yield was more than 5 basis points higher at 4.384%. The 30-year Treasury bond yield was up by more than 4 basis points at 4.941%. The 2-year Treasury note yield was higher by more than 5 basis points, reaching 3.937%. Asia-Pacific markets fell on Thursday after Iran signaled it had no intention of holding direct talks with the United States, even as Tehran reviews an American proposal to end the war, according to the Islamic Republic’s foreign minister. Australia’s S&P/ASX 200 lost 0.1% to 8,525.7. Japan’s Nikkei 225 declined 0.27% to 53,603.65 while the Topix was down 0.22% to 3,642.8. South Korea’s Kospi fell over 3% to 5,460.46 and the small-cap Kosdaq lost 1.98% to 1,136.64. Hong Kong’s Hang Seng index slid 1.9%, while the CSI 300 was down over 1% to 4,477.53. Oil prices rose Thursday after Iran signaled it had no intention of holding direct talks with the United States, even as a U.S. proposal to end the war is under review by senior officials in Tehran, according to remarks from the Islamic Republic’s foreign minister. International benchmark Brent crude futures added 3.8% to $106.12 per barrel, while U.S. West Texas Intermediate futures climbed 3.6% to $93.61 per barrel. Gold prices fell on Thursday after two consecutive sessions of gains, as investors awaited clearer signs of progress in Middle East de-escalation efforts, the outcome of which could shape the global financial and monetary policy landscape. Spot gold fell 1% to $4,476.51 per ounce. U.S. gold futures for April delivery lost 2.1% to $4,457.
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