Stock market today: Dow, S&P 500, Nasdaq futures pare losses as Iran war volatility continues

Market Overview - US stock futures stabilized after a volatile trading day, with S&P 500 and Nasdaq 100 hovering just below flatline, while Dow Jones futures slipped 0.2% following a nearly 1% decline in major US benchmarks on Tuesday [1] - The ongoing conflict in Iran has heightened market volatility, with fresh strikes by Israel and concerns about inflation impacting investor sentiment [2] Oil Market Insights - Oil prices have surged over 2%, with Brent crude futures near $84 per barrel and West Texas Intermediate futures exceeding $76, driven by supply concerns [4] - Goldman Sachs has raised its 2026Q2 average oil price forecast for Brent by $10 to $76 per barrel and for WTI by $9 to $71 per barrel, citing low exports from the Strait of Hormuz and geopolitical uncertainty as key factors [5] Corporate Earnings and Stock Movements - Investors are awaiting the ADP private payrolls report for insights into labor market health, while earnings reports from Broadcom, Costco, and Alibaba are expected to draw attention [5] - Strategy stock rose 8% in premarket trading, benefiting from a 6% rise in bitcoin, while Ross Stores' stock jumped 5% after beating analyst estimates in its fourth-quarter results [6] - Moderna's stock increased by 3% following a resolution of a dispute related to its COVID vaccine, whereas GitLab shares fell 9% due to expectations of slowing sales [7][8] Investment Trends - Foreign investors are retreating from Asia's markets, selling approximately $3.1 billion of South Korean shares and $3.6 billion in Taiwan, amid fears of an oil-driven inflation shock [9] - The selloff has particularly affected high-flying chipmakers, with Samsung Electronics and SK Hynix each experiencing nearly 20% declines, while Taiwan Semiconductor shares are down nearly 7% [10] - Portfolio managers note that aggressive selling of crowded long positions in AI stocks is occurring as concerns about the Iran situation grow, raising questions about the profitability of capital spending in the sector [11]