Stock Market Today: Dow Futures Plunge 323 Points, Apple Sinks, and Iran Strikes Send Oil Soaring

Quick Read

• Apple beat EPS estimates at $2.10, but its gross margin forecast of 45 to 46% sent shares down 4% premarket and dragged Dow futures down 0.5%.

• NVIDIA dropped 15% over the past month to $202, helping push the Nasdaq 100 more than 10% into correction territory.

• WTI crude surged to $97 after Iran threatened to respond “forcefully” to a reported U.S. strike, lifting the 10-year Treasury yield to 5%.

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Dow Jones Industrial Average futures point to a weak start on midterm Election Day. They were down 323 points in early trading, while Nasdaq 100 futures traded higher. Two problems are hitting the Dow at once: a disappointing margin forecast from Apple (NASDAQ:AAPL) and a jump in oil after a reported U.S. strike on Iran’s Qeshm Island.

Apple’s Margin Warning Hits the Dow Hardest

Apple beat estimates with EPS of $2.10 vs. $1.99 expected. Then it forecast gross margin to 45% to 46% because of the global memory chip shortage.

Shares fell about 4% premarket. The Dow is price-weighted, so a stock trading near $325 has outsized pull on the index. That is a big reason Dow futures are trailing the Nasdaq 100.

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Oil Rebounds as Iran Strikes Revive War Risk

WTI crude rose to about $97, and Brent traded near $105. Iran said it is ready to respond “forcefully”. Results at Chevron (NYSE:CVX) have already shown what expensive crude does: third-quarter adjusted EPS came in at $5.28 vs. a $4.83 estimate. Archer-Daniels-Midland (NYSE:ADM) also benefits from demand for biofuels.

Higher oil also raises inflation fears. The 10-year Treasury yield rose to about 5%.