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Stock Futures Slide As Doubts Over Ceasefire Send Oil Higher

Stocks resumed their drop and oil erased about a third of its Wednesday drop as traders watched the fragile US-Iran ceasefire shatter by the hour, with both sides accusing the other of breaches while the Strait of Hormuz is still effectively closed and Israel intensified strikes on Lebanon. As of 8:00am ET, S&P futures fell 0.4% after Bloomberg strategists said a best-case scenario has already been priced in; Nasdaq futures dropped 0.3% with Mag7 stocks mostly lower. Europe’s Stoxx 600 index fell 0.7%. Emerging-market stocks slid almost 1%. The dollar ticked higher even as 10Y US Treasury yields dropped about 1bp; equivalent UK yields rose six basis points after tumbling almost 20 basis points on Wednesday. Brent crude jumped back to $98 a barrel on signs the Strait of Hormuz is still effectively closed. US economic data calendar includes February personal income/spending (with PCE price index), weekly jobless claims and third estimate of 4Q GDP (8:30am) and February wholesale trade sales and inventories (10am). Fed speaker slate is blank until April 14.

In premarket trading, Mag 7 stocks are mostly lower (Alphabet -0.7%, Amazon +0.8%, Apple -0.4%, Nvidia -0.7%, Meta Platforms +1%, Microsoft -0.1%, -0.3%)

Applied Digital (APLD) falls 1% after the data center operator’s third-quarter gross margins missed the average analyst estimate.
CoreWeave (CRWV) rises 6% after the cloud-computing provider reported an expanded long-term agreement with Meta to provide AI cloud capacity through December 2032 for ~$21 billion.
Marvell Technology (MRVL) rises 2% after Barclays upgraded the stock to overweight, citing demand for optical products.
Instacart (CART) climbs 2% as Raymond James upgrades to outperform, calling the grocery segment an under-penetrated e-commerce market.
Simply Good Foods (SMPL) falls 16% after the packaged-food firm forecast year net sales will be down as much as 10%.
STAAR Surgical (STAA) rises 23% after the health-care supplies firm said it expects net sales for the first quarter to exceed $90 million, up from $42.6 million in the year ago period. The estimate surpassed Wall Street’s expectations.
Texas Instruments (TXN) gains 1.6% after Stifel upgraded the stock to buy, citing “multiple tailwinds” that should support the semiconductor firm’s outlook.
Whitestone REIT (WSR) shares rise 11% after the retail-focused real estate investment trust company entered into a definitive merger agreement with Ares Real Estate funds to be acquired for $19 per share in an all-cash transaction valued at about $1.7 billion.
In AI, Anthropic employees sold some equity to investors, wrapping up a secondary share sale that started earlier this year. Meta shares are up in premarket trading, with analysts generally positive on the AI model it showed on Wednesday. PIMCO is said to be looking to sell a portion of the $14 billion of debt financing it’s providing for a massive Oracle data center in Michigan. In other corporate news, the WSJ reported that Disney is preparing to make sizable layoffs in one of the first significant moves under its new CEO. Seven & i Holdings will delay a public listing of its US convenience-store business planned for later this year.

Markets have given up some of the big moves seen Wednesday when optimism around the deal for a two-week pause in fighting spurred a relief rally. Continued fighting in the Middle East, punctuated by Israeli strikes in Lebanon, threatened to derail the fragile ceasefire deal. Iran and the US-Israeli side appeared to disagree over whether the ceasefire covers Lebanon. Yet despite the escalating rhetoric, the ceasefire was largely holding on Thursday, with a decline in attacks across Arab states in the Persian Gulf.

“There’s a fair amount of skepticism in the market about the ceasefire and the upcoming negotiations,” said Raphael Thuin, head of capital markets strategies at Tikehau Capital. “The big question is what state the global economy will be in after the crisis.”

Overnight, Trump pledged to keep US troops in the Persian Gulf ahead of talks with Iran; the first round of direct negotiations is scheduled for Saturday morning in Islamabad. Meanwhile, Goldman predicted that Brent is set to average more than $100 a barrel right through 2026 if the strait remains closed for another month.

Much of Wednesday’s move was driven by short-covering and a return to normal positioning: According to Goldman’s trading desk, hedge funds rushed to close out bets against US stocks at a pace not seen since March 2020. The ceasefire, along with upcoming earnings driving up the potential for idiosyncratic moves across equities, may mean “downward pressure on implied correlations,” according to Citi option strategists.

Even if weekend talks lead to a more permanent peace, the effects of the war will rumble on. Earnings expectations will need to be tempered because of the inflationary fallout from the war, according to BlackRock’s Helen Jewell. And in central banks, a former executive director at the Bank of Japan said the BOJ is likely to increase its benchmark rate this month to avoid falling behind on controlling inflation. Fed policymakers will get the latest reading of their preferred inflation indicator, core PCE, later, ahead of CPI data on Friday. The latter, covering March, is likely to be more interesting as it will begin to reflect the Middle East conflict.

In politics, the Justice Department’s top antitrust litigator and three senior trial attorneys are leaving the agency, according to people familiar. The US is said to consider lifting sanctions on Venezuela’s central bank to facilitate the flow of billions of dollars into the country’s battered economy.

Turning to the start of earnings season next week, expectations will need to be tempered due to the inflationary fallout from the war, BlackRock Inc.’s Helen Jewell said. “If you look at earnings forecasts at the moment for the year, they’re still well into double digits — 15, 16, 17, 18%,” said Jewell, who is international chief investment officer for fundamental equities at the world’s largest asset manager. “There’s a lot of headroom for the earnings to come down a little bit.”

On Thursday, the Fed’s preferred gauge of inflation will offer a snapshot of pre-war price pressures. Economists see the so-called core personal consumption expenditures — PCE — price index, which excludes food and energy, having risen by 0.4% for a third month in February, suggesting progress toward tamer inflation was stalling even before the conflict.

Europe's stocks followed their Asian counterparts lower, with the Stoxx 600 down 0.7% after its best day since March 2022 on Wednesday. US equity futures also drop. Oil stocks advanced along with Brent crude. Many of yesterday’s laggards in the oil sector are today’s biggest gainers, including Var Energi, Equinor, BP and TotalEnergies. Here are the biggest movers Thursday:

ITM Power shares climb as much as 17%, the most in 10 months, after the UK government pledged to invest around £87 million in the clean energy company to drive a build out of its hydrogen technology manufacturing facility
Rexel shares climb as much as 4.1% after analysts at Jefferies raise the French electrical supplies firm to buy from hold, saying it is well positioned to outpace its guidance thanks to higher prices and growth drivers
Technip Energies shares rise as much as 4.1% to the highest level since September after the engineering firm was awarded a contract to improve the Long Son Petrochemicals complex in Vietnam
Vallourec rises as much as 5.2% after announcing a five-year supply agreement with Fervo Energy worth up to $800 million, which CIC Markets says “demonstrates the effectiveness” of the firm’s New Energies segment strategy
AG Barr rises as much as 4.7% after Bank of America initiates coverage of the UK soft drinks manufacturer with a buy rating and a street-high 850p price target. BofA cites growth potential for IRN-BRU
DCC shares rise as much as 4.1% after analysts at BNP Paribas raise their rating to outperform from neutral on the energy seller’s current valuation and the positive impact of energy prices
Melia Hotels shares rise as much as 3.9%, to the highest level since Sept. 2018, as Kepler Cheuvreux raises its recommendation on the Spanish hotel operator to hold from reduce
Abivax shares rise as much as 3.8% after Oddo BHF lifted its price target on the French biotech company, saying Crohn’s disease could represent a bigger commercial opportunity than ulcerative colitis
Alstom falls 7.2%, the most in ten months, after the French trainmaker flags currency headwinds in an earnings preview. JPMorgan (overweight) lowers estimates on FX headwinds
Man Group shares trade as much as 7.7% below their last closing price, only partly due to trading without rights to the next dividend. Deutsche Bank analysts cut their earnings estimates and price target ahead of 1Q results
Netcompany shares fall as much as 6.5%, the most in two months, after ABG Sundal Collier cut its recommendation on the Danish IT consultancy to hold from buy, seeing a “less compelling” risk/reward after a strong run for the shares
Grieg Seafood falls as much as 7.9%, the most since last May, after the Norwegian seafood and salmon company’s preliminary first-quarter earnings disappointed, leading DNB Carnegie to cut 2026 EPS estimates by 12%
Earlier in the session, Asian stocks retreated as oil prices rose again and sporadic fighting in the Middle East cast doubts over the implementation of the two-week US-Iran ceasefire deal. The MSCI Asia Pacific Index slid 1%, with South Korean chipmakers Samsung Electronics and SK Hynix the biggest drags. Most national benchmarks in the region traded lower, with the Kospi being the biggest loser followed by India’s Nifty 50. Asia’s stock benchmark jumped 5% in the previous session, the most in about a year, as global risk assets rallied on optimism over the ceasefire deal. It is up more than 8% so far in 2026.

“Headline risk remains elevated,” according to Kyle Rodda, analyst at Capital.com. “Markets aren’t necessarily out of the woods yet. There are several variables that could upend market sentiment.”

In rates, treasury yields are slightly lower, down 1bp to 4.29% and slightly richer across the curve after plying small ranges during Asia session and London morning; equivalent UK yields rose six basis points after tumbling almost 20 basis points on Wednesday. US yields are as much as 1.5bp lower led by intermediate sectors, steepening 5s30s curve by around 1bp. 10-year is down about 1bp near 4.28% with European counterparts 3bp-6bp higher on the day. European yields are broadly higher with oil prices as Strait of Hormuz traffic remains blocked: UK and German 10-year yields rise 7 bps and 4 bps respectively. US session includes PCE price gauges for February, several other US economic indicators and 30-year bond auction. Treasury’s $22 billion 30-year bond reopening has WI yield near 4.88%, about 1bp higher than result of last month’s auction, which it tailed by 0.2bp; Wednesday’s 10-year reopening tailed by 0.2bp after rallying into the bid deadline.

In FX, the Bloomberg Dollar Spot Index inches higher. The yen is the weakest of the G-10 currencies, falling 0.3% against the greenback. Gold edges up while Bitcoin is flat.

In commodities, WTI crude oil futures are up more than 5% near session highs, erasing about a third of Wednesday’s 16.4% drop; Brent crude futures rise 4% to above $98 after a more than 13% plunge to under $95 a barrel as the Strait of Hormuz remains largely blocked. Two fully laden Chinese oil tankers in the Persian Gulf were approaching the Strait, potentially putting them on track to become the first such vessels to cross since the ceasefire was announced. European natural gas futures climb 2%.

US economic data calendar includes February personal income/spending (with PCE price index), weekly jobless claims and third estimate of 4Q GDP (8:30am) and February wholesale trade sales and inventories (10am). Fed speaker slate is blank until April 14.

Market Snapshot

S&P 500 mini -0.3%, Nasdaq 100 mini -0.3%, Russell 2000 mini -0.6%
Stoxx Europe 600 -0.6%, DAX -1.2%, CAC 40 -0.7%
10-year Treasury yield little changed at 4.29%
VIX +0.4 points at 21.39
Bloomberg Dollar Index little changed at 1202.1, euro +0.1% at $1.1678
WTI crude +3.1% at $97.38/barrel
Top Overnight News

JD Vance will head the U.S. negotiating team for the peace talks with Iran on Saturday, White House press secretary Karoline Leavitt said on Wednesday. Axios
Even as the U.S. and Iran seek to cement a ceasefire, Israel is seizing more territory from its neighbors in preparation for a long, drawn-out conflict across the Middle East. Israel's creation of "buffer zones" in Gaza, Syria and now Lebanon reflects a strategic shift after the attacks of October 7, 2023, one that puts the country in a semi-permanent state of war. RTRS
Vance said Wednesday Israel has proposed to restrain itself when it comes to strikes in Lebanon as long as the negotiations between the U.S. and Iran are taking place. Axios
The White House is considering a plan to punish some members of the NATO alliance that President Trump thinks were unhelpful to the U.S. and Israel during the Iran war, according to administration officials. The proposal would involve moving US troops out of NATO member countries deemed unhelpful to the Iran war effort and stationing them in countries that were more supportive of the US military campaign. WSJ
EU will still be hit by a “stagflationary shock” of low growth and rising inflation despite the US and Iran ceasefire, while European Commission is preparing to cut growth forecasts, according to FT.
BOJ Governor Ueda said that short and medium-term interest rates are clearly negative, adds accommodative financial conditions are maintained, leading to moderate increase in capex. BBG
The US is said to be considering lifting Venezuela’s central bank sanctions to facilitate the flow of billions of dollars into the country’s economy. BBG
Wealthy investors attempted to pull more than $20bn from private credit funds in the first quarter, underscoring the growing strain on the asset class. The funds tracked by the FT, which collectively manage investment portfolios worth about $300bn, have honored just over half of the redemption requests they received. Many investors have been forced to wait until a redemption window opens up later this quarter to exit. FT
The Trump administration will likely extend its waiver of sanctions on Russian oil this week, former Treasury and State Department officials said — teeing up a similar move on Iranian oil. Semafor
World Bank forecasts global growth for 2027 at 2.4%, while it said investment remains subdued as firms await clearer signals on the external environment and domestic policy, which it called a binding constraint on growth.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were lower in a mild pullback from yesterday’s ceasefire-fuelled extremes and as the widespread euphoria gradually waned amid the wide gaps between each side’s peace proposals. Furthermore, several strikes had continued in the 24 hours after the announcement, and the inclusion of Lebanon is seen as a key point of contention, while shipping in the Strait of Hormuz remains largely blocked, although a senior Iranian official stated that Iran could open Hormuz on Thursday or Friday ahead of their planned talks. ASX 200 traded little changed amid a lack of data or drivers and with resilience in energy, defensives and financials offsetting the firm losses in the tech sector. Nikkei 225 pulled back after the prior day’s stellar performance, with the index returning to beneath the 56,000 level amid very few fresh catalysts and the absence of tier-1 data to sustain the previous momentum. Hang Seng and Shanghai Comp conformed to the uninspired mood amid concerns regarding the fragility of the US-Iran ceasefire, and with weakness in Chinese tech and property stocks, while there were prior reports that the US FCC will vote on a measure that would ban Chinese labs from testing US electronics.

Top Asian News

South Korea’s Finance Minister comments that financial and FX market volatility has eased a bit.
European bourses (STOXX 600 -0.6%) have pulled back from Wednesday’s ceasefire-related surge after cracks appeared in the agreement. US President Trump announced that the military will remain in and around Iran until a real agreement is fully complied with. Furthermore, the IRGC announced a new Hormuz corridor, effectively raising risks of disruption and bottlenecks. The IBEX 35 outperforms, with the index trading near flat. On the other hand, the DAX 40 is the underperformer. European sectors echo the above bias, with the majority in the red. Energy and Chemicals are amongst the sectors in the green, highlighting its defensive characteristics, while Consumer Products and Services and Technology sit at the bottom of the pile.

Top European News

Italian PM Meloni said ruling out government reshuffle, not planning to resign; if the middle east crisis were to flare up again, Europe should consider temporary suspension of the stability and growth pact.
EU’s Dombrovskis said the bloc will still be hit by a “stagflationary shock” of low growth and rising inflation despite the US-Iran ceasefire, while European Commission is preparing to cut growth forecasts, according to FT.
FX

FX Markets are paring some of Wednesday’s optimism with crude gaining and general risk-off elsewhere as markets weigh Iran’s claims of ceasefire breaches and subsequent concerns over Hormuz following reports from state media.
DXY cautiously chugged higher throughout the European morning, supported by the key 99.00 mark. Overnight, FOMC Minutes were viewed as hawkish, with it stating many members said persistently higher oil prices could keep inflation elevated long enough to justify rate rises. Taking a look at rate expectations, markets moved to price just 7bps of easing by year-end compared to 15bps pre-minutes.
Kiwi continues to perform well, amid hawkish remarks from RBNZ Governor Breman, she said inflation is expected to increase considerably in the near-term, and they will ‘act decisively’ if core prices pick up. This marks the second day of gains against the greenback, with NZD the sole currency that outperforms a mildly stronger USD. In terms of market pricing, 75bps of easing is expected by year-end, an increase of 15bps since last week.
JPY is the worst performer in the G10, as energy prices weigh on the net importer nation. The pair marked a session low of 158.45 and sits on a 159 handle at the time of writing. Elsewhere, EUR/GBP trades a touch above the 0.87 mark. In a note this morning, ING suggests rate differentials will help the cross with EUR; rate expectations are likely to prove sticky and BoE dovish pricing potentially coming “through more smoothly” should energy prices continue to decline.
Central Banks

RBNZ Governor Bremen said more risk on inflation to the upside and inflation is expected to increase considerably in the near-term. said: Previous rate cuts are still providing some stimulus to the economy, and a swift resolution to the conflict is expected to yield stronger growth this year. RBNZ to ‘act decisively’ if core prices pick up.
BoJ Governor Ueda said that short and medium-term interest rates are clearly negative, adds accommodative financial conditions are maintained, leading to moderate increase in capex. BBG
Fixed Income

Global fixed benchmarks are trading flat to lower, as benchmarks pull back from the extremes seen on Wednesday, and as traders begin to find holes within the current ceasefire agreement. This comes after Iran’s Parliament Speaker Ghalibaf said three points of the ceasefire agreement had been violated, and as such, a bilateral ceasefire or negotiations is unreasonable. Another interesting point is that Iran introduced controlled shipping routes and coordination with the IRGC, effectively shifting from free transit to monitored flows—raising risks of disruptions and bottlenecks (Full Analysis available on the Newsquawk headline feed).
USTs are currently flat, and mildly outperforming vs peers – currently trading within a 111-04+ to 111-10 range, and have entirely reversed the initial ceasefire-related optimism. Much of the action facilitated by the geopolitical factors mentioned above, but the complex is also weighed on by hawkish-leaning FOMC Minutes and heading into a 30yr auction later today. On the data front, markets will await weekly claims, February’s PCE data (exp. 0.4% M/M vs prev. 0.3%), and core PCE (exp. 0.4% M/M vs prev. 0.4%). From a yield perspective, the 2yr has rebounded back towards 3.785% (vs Wednesday’s trough at 3.713%).
Bunds are in the red and down by around 50 ticks at this stage, and holding towards the bottom end of a 125.67 to 126.10 range. German paper did dip below the high from 7th April, with market participants highlighting 125.53 as a potential area for intraday longs to be exited. Bunds are moving at the whim of energy prices this morning, but there have been some domestic updates. An interesting comment via Italy’s PM Meloni got some attention, after she suggested that the EU should consider a temporary suspension of budget deficit rules if the Iran war persists. No move in EGBs at the time, but traders will remain cognizant of any fiscal related concerns, should a suspension be enacted. From a data perspective, Industrial Production printed at -0.3% (exp. 0.9%), highlighting the turbulent recovery of Germany – even before the Iran war started.
Gilts are underperforming vs peers, after leading the fixed complex on Wednesday. As above, moving at the whim of energy prices, with UK-specific newsflow light. UK 2yr has rebounded back towards 4.237% (vs trough of 4.044% on Wednesday). UK paper currently trades within an 89.10 to 89.61 range; further pressure could see a breach below the 89.00 mark, and then the high from 7th April at 88.88.
Japan sold JPY 1.9tln 5yr JGBs; b/c 3.58x (prev. 3.69x), average yield 1.826% (prev. 1.633%).
Unicredit (UCG IM) to sell 6-year EUR-denominated noted, guidance seen +125bps to MS.
Lloyds (LLOY LN) to sell 10-year GBP-denominated noted, guidance seen at +170bps to UK Treasuries.
Japanese Finance Minister Katayama said that it is important to base JGB issuance plans on market demand, when asked about extending duration of government debt.

Commodities

Optimism over the US–Iran ceasefire faded as both sides signalled breaches and diverging terms, with Trump warning of military escalation if compliance fails and Iran’s Parliament Speaker Ghalibaf saying multiple clauses of Tehran’s plan had been violated. Lebanon has emerged as the key fault line—while the US and Israel insist it sits outside the agreement, Iran and its allies treat it as integral, raising the risk of collapse as Israeli strikes and Hezbollah activity continue. The situation in the Strait of Hormuz adds further fragility, as Iran introduced controlled shipping routes and coordination with the IRGC, effectively shifting from free transit to monitored flows—raising risks of disruptions and bottlenecks (Full Analysis available on the Newsquawk headline feed).
Crude rebounded after Wednesday’s biggest one-day drop since April 2020, with Brent Jun’26 back above USD 97/bbl (after Wednesday’s 13% slump), as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon raised concerns over the durability of the Middle East truce. WTI May’26 trades towards the top of a USD 96.25-98.38/bbl range and Brent Jun’26 towards the upper end of a USD 96.30-98.53/bbl parameter. Mizuho expects crude to remain near USD 100/bbl through Q2 before returning to pre-conflict levels, while CBA sees upside risks while the Strait of Hormuz remains largely blocked and physical undersupply linked to the Iran war supports prices.
Spot gold holds above USD 4,700/oz after rising 1.5% over the prior two sessions, as traders weighed hopes for a diplomatic resolution against sporadic fighting that threatened the ceasefire. However, some flagged a technical correction after the sharp rise in front-month Comex futures. The metal trades within a narrow USD 4,699-4,733/oz range, with the 100 DMA at USD 4,671.57/oz. Commerzbank said gold had been supported by lower oil prices, easing inflation risks and pulling down rate expectations, which in turn saw a significant decline in bond yields.

US Event Calendar

8:30 am: United States Feb Personal Income, est. 0.3%, prior 0.43%
8:30 am: United States Feb Personal Spending, est. 0.6%, prior 0.38%
8:30 am: United States Feb PCE Price Index YoY, est. 2.8%, prior 2.83%
8:30 am: United States Feb Core PCE Price Index MoM, est. 0.4%, prior 0.4%
8:30 am: United States Feb Core PCE Price Index YoY, est. 3%, prior 3.06%
8:30 am: United States Apr 4 Initial Jobless Claims, est. 210k, prior 202k
8:30 am: United States Mar 28 Continuing Claims, est. 1828k, prior 1841k
8:30 am: United States 4Q T GDP Annualized QoQ, est. 0.7%, prior 0.7%
8:30 am: United States 4Q T Personal Consumption, est. 2%, prior 2%
8:30 am: United States 4Q T GDP Price Index, est. 3.8%, prior 3.8%
8:30 am: United States 4Q T Core PCE Price Index QoQ, est. 2.7%, prior 2.7%
10:00 am: United States Feb F Wholesale Inventories MoM, est. -0.1%, prior -0.5%