US futures fall as US–Iran tensions rise

US stock futures moved lower before the opening bell on July 13, 2026, with major equity benchmarks set to give back recent gains. Contracts tied to the Nasdaq-100 Index (NDX) fell about 1% in pre-market trading, while futures linked to the broader US market also traded in negative territory. The declines positioned Wall Street to start the week on the defensive after a recent stretch of gains.

Market participants pointed to a combination of escalating geopolitical risks and a dense upcoming macroeconomic and corporate calendar as catalysts for the pullback. The shift into risk-off positioning was particularly evident in technology-linked futures, which led the declines.

The move in futures followed a fresh round of exchanges between the United States and Iran over the weekend. US forces carried out additional strikes against Iranian targets, with the stated aim of degrading Iran’s ability to attack commercial shipping near the Strait of Hormuz. US Central Command also reported intercepting an Iranian cruise missile and a one-way attack drone, and said Iran fired again at commercial shipping.

These developments revived concerns about the safety of maritime traffic in a key chokepoint for global trade. Traders linked the renewed military activity to a rise in oil prices and a pullback in equities as investors reassessed geopolitical risk.

A further source of uncertainty for markets came from opposing statements on the status of the Strait of Hormuz. US Central Command said the strait was open to all vessels and emphasized that US forces were positioned to ensure freedom of navigation. This message sought to reassure commercial operators that traffic could continue.

In contrast, Iranian state authorities and the Islamic Revolutionary Guard Corps said transit through the strait was not possible or declared it closed, and Iranian media reported explosions in southern coastal provinces. The gap between US and Iranian descriptions of conditions around the waterway contributed to volatility and added a geopolitical premium to oil prices.

The geopolitical flare-up arrived as investors were preparing for several potential domestic catalysts. Markets were on edge ahead of key US June inflation releases, including consumer and producer price data. These reports are being watched closely for clues about the path of monetary policy.

At the same time, the week features a busy second-quarter earnings calendar, with results from major banks and other large companies due. Traders said the combination of looming economic data, high-profile earnings reports, and rising Middle East tensions amplified risk aversion, weighing on equity futures while supporting higher oil prices.