The US struck Iran for a second straight day and oil whipsawed — yet Nasdaq futures are pointing higher into the open as the AI trade mounts a comeback and traders bet the conflict stays contained to energy, not earnings.

Futures: mixed, tech-led

About an hour before the bell, Investrade's early look had S&P 500 futures at 7,532 (+0.05%) and Nasdaq futures at 29,603 (+0.46%), with Dow futures slightly lower around 52,595 (-0.06%) per StockAnalysis. The single biggest driver: fresh US airstrikes on Iran after President Trump declared the interim ceasefire "over," with Tehran firing missiles at US Gulf allies in response (Bloomberg, Reuters). Some outlets (Yahoo Finance) flagged earlier futures weakness on rising yields, so expect a choppy open.

Pre-market movers

• Ionis Pharmaceuticals (IONS) -21% — its Phase 3 heart-disease study of Wainua with AstraZeneca missed its primary goal; AstraZeneca (AZN) -7.8% (StockAnalysis).
• Alnylam (ALNY) +17.5%, Park Hotels (PK) +6.1%, Marvell (MRVL) +5.4% led gainers; CACI International -7.7% among losers (StockAnalysis).
• PepsiCo (PEP) -1.8% after Q2 adjusted EPS of $2.20 missed by a cent, though revenue rose 6.4% to $24.18B (Benzinga).

Earnings today

PepsiCo already reported pre-open; Simply Good Foods (SMPL) is also on today's slate, expected around $0.35 EPS on ~$332M revenue (Benzinga).

Macro today

Initial jobless claims (forecast 218K vs 215K prior) and existing home sales (forecast 4.19M) are due, per FXStreet's calendar. Fed speakers: New York Fed's Williams at 9:00 AM ET and Dallas Fed's Logan at 1:30 PM ET — watched closely with inflation expectations elevated.

Rates & commodities

The US 10-year yield is near 4.58%, a four-week high, per Yahoo Finance — the real headwind under equities. Oil spiked on the strikes then eased: Reuters reported Brent at $76.99 (-1.3%) and WTI at $72.64 (-1.2%) by mid-morning Europe, as traders weighed Strait of Hormuz risks against hopes talks eventually reopen the waterway. Gold has been bid as a safe haven, holding above $4,100.

Overnight global context

Asia leaned risk-on despite the conflict: Japan's Nikkei jumped 1.38% to 67,743 on chip strength (Tokyo Electron +5.5%, Advantest +5.9%), Shanghai rose to 4,036, while the Hang Seng slipped to 24,030. Europe is steadier, with the Stoxx 600 up about 0.1% and the DAX near 24,939 (CNBC, Investrade).

What to watch at the open

Watch whether the AI-led bid in Nasdaq futures survives the first hour against 4-week-high yields — that tension defines today's tape. Any headline touching the Strait of Hormuz can re-price oil (and airlines, refiners, defense names) in minutes. And PepsiCo's reaction will be an early read on how forgiving this market is toward slight earnings misses as Q2 season warms up.

As of 9:11 AM ET. Sources: Bloomberg, Reuters via Investing.com, StockAnalysis, Benzinga, Investrade, Yahoo Finance, FXStreet, CNBC. Automated US market brief for discussion and education only — not investment advice. Verify before acting.