5 Things to Know Before the Stock Market Opens

• Stock futures fell 0.5-0.7% with the Nasdaq in correction territory after a 2.4% Thursday drop; WTI crude jumped 2% to $96.50/barrel while gold rose to $4,410/ounce and the 10-year Treasury yield hit 4.46%, its highest since last summer
• Trump extended the Iran deadline to April 6 at 8 p.m. ET after multiple postponements of threatened attacks on power plants; average U.S. gas prices now stand just under $4/gallon, up $1 since the conflict started
• SpaceX, combined with X and xAI, is targeting a June IPO that could raise $40-80 billion with a potential valuation exceeding $1 trillion, featuring non-traditional elements like allocating up to one-third of shares to retail investors

Market Summary: Stock Futures Decline Amid Iran Conflict Uncertainty

Market Overview:

U.S. stock futures pointed lower Friday, with Dow and S&P 500 futures down 0.5% and Nasdaq futures declining 0.7%. Major indexes are attempting to avoid a fifth consecutive weekly loss, with the Nasdaq having officially entered correction territory after dropping 2.4% Thursday. The Dow is up nearly 1% for the week, while the S&P 500 and Nasdaq remain slightly negative.

Key Commodities & Rates:

• WTI crude oil futures rose over 2% to $96.50/barrel on supply concerns
• Gold futures climbed 0.8% to $4,410/ounce
• Bitcoin fell to $66,600 from overnight highs above $69,000
• 10-year Treasury yield reached 4.46%, the highest since last summer
• Average gas prices hit $4/gallon, up $1 since the conflict began

Iran Conflict Update:

President Trump set a new April 6, 8 p.m. ET deadline for ceasefire talks with Iran after multiple previous deadline extensions. The U.S. sent a 15-point peace plan to Iran, receiving a five-point counter-proposal, though Iranian officials publicly stated disinterest in negotiations.

Government Developments:

The Senate approved funding for most Department of Homeland Security operations, ending the partial shutdown affecting TSA workers and causing airport delays. The bill excludes ICE and Border Patrol funding following a standoff over immigration enforcement.

Corporate News:

• SpaceX: Targeting June IPO for merged SpaceX/X/xAI entity, seeking to raise $40-80 billion with potential $1+ trillion valuation
• Unity Software: Stock surged on better-than-expected Q1 preliminary results; announced closure of ironSource Ads Network and sale of Supersonic publishing business