U.S. futures slipped on Wednesday morning as investors’ fears surrounding the Israel-Hamas conflict continued to soar. Futures on the Nasdaq 100 fell by as much as 0.5% while those on the S&P 500 declined by 0.3%. Contracts listed on the Dow Jones Industrial Average were down by 0.2%.
Oil prices jumped by 3% after an explosion in a hospital in Gaza escalated tensions. Crude oil rose to $89.22 a barrel while Brent crude hit $92.39 per barrel. This price rise has convinced investors to refocus on the Federal Reserve’s potential next moves regarding its fiscal policy.
Looking forward, investors are awaiting the quarterly results of Procter & Gamble and Morgan Stanley, both of whom are expected to release their reports before the opening bell on Wednesday. Tesla and Netflix are among the tech giants set to release their earnings later in the day.