FX.co ★ US Futures Tumble on Middle East Conflict

On Friday, futures linked to the three major indices fell by over 1% following Israel's preemptive strike on Iran, marking a significant intensification of regional tensions. Israeli Defense Minister Israel Katz announced a special state of emergency, indicating that an immediate missile and drone attack on the State of Israel and its civilian population was anticipated. U.S. officials confirmed that the United States was not involved in this operation. Domestically, investors shifted their focus to the forthcoming report from the University of Michigan, which assesses consumer sentiment for June and could provide insights into how households are dealing with ongoing trade uncertainty. Earlier in the week, weaker-than-expected consumer and producer inflation data bolstered expectations that the Federal Reserve might implement further interest rate cuts later in the year. In corporate developments, RH shares soared by 20% in after-hours trading after the luxury furniture retailer reported earnings that exceeded expectations.