By James Emmanuel, JKNewsMedia Contributor
STOCK FUTURE moved lower on Friday as major indexes sought to avoid a fifth consecutive week of losses, with investors tracking uncertainty surrounding the Iran war.
JKNewsMedia.com reports that futures tied to the Dow Jones Industrial Average and the S and P 500 each declined 0.5%, while Nasdaq futures dropped 0.7%.
All three indexes closed lower on Thursday amid renewed concern over how long the Iran war will last, with the Nasdaq entering correction territory after falling 2.4%.
After four straight weeks of losses, the Dow entered Friday’s session up nearly 1% for the week, while the S and P 500 and Nasdaq were slightly down.
West Texas Intermediate crude futures rose more than 2% to $96.50 per barrel as concerns over global supply continued. Gold futures increased 0.8% to $4,410 an ounce, while bitcoin fell to $66,600 from an overnight high above $69,000.
The yield on the 10-year Treasury note rose to 4.46% from 4.42% at the previous close, reaching its highest level since last summer.
President Donald Trump announced a new deadline of April 6 at 8.00pm ET for ceasefire talks with Iran.
His announcement followed earlier statements that the U.S. military would begin attacking power plants in the country if Iran did not open the Strait of Hormuz by the start of the week, a deadline that had been extended multiple times.
JKNewsMedia.com notes that reports during the week stated that the U.S. sent a 15-point plan to Iran aimed at ending the war, while Iran responded with a five-point plan.
Iranian officials publicly stated that they had no interest in talks with American officials.
Meanwhile, rising crude oil prices have pushed fuel costs higher, with average gas prices climbing to just under $4 per gallon, an increase of $1 since the start of the war.
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