Traders
on
the
floor
of
the
New
York
Stock
Exchange
on
Aug.
4,
2022.
Source:
NYSE
Stock
futures
plunged
Thursday
evening
as
conflict
reignited
between
Israel
and
Iran.
A
U.S.
official
told
NBC
News
that
Israel
is
conducting
an
operation
in
Iran.
Earlier,
Iran’s
Fars
news
agency
reported
explosions
were
heard
near
the
airport
at
the
country’s
central
Isfahan
city,
but
the
reason
was
unknown.
Oil
prices
spiked
more
than
3%
in
Asia
morning
trading,
with
global
benchmark
Brent
crude
futures
topping
$90
a
barrel.
Futures
on
the
Dow
Jones
Industrial
Average
slid
430
points,
or
1.15%.
S&P
500
futures
lost
nearly
1.34%,
and
Nasdaq
100
futures
were
down
1.62%.
Netflix
shares
fell
more
than
4%
in
extended
trading
even
after
the
streamer
reported quarterly
earnings
that
beat
on
the
top
and
bottom
line.
Netflix’s
subscribers
jumped
16%
from
the
previous
year,
but
it
said
it
would
no
longer
report
paid
memberships
starting
in
2025.
The
S&P
500
is
heading
for
its
worst
week
in
almost
six
months.
The
S&P
500
has
fallen
for
five
sessions
in
a
row,
bringing
its
week-to-date
losses
to
2.2%.
It
would
be
the
large-cap
benchmark’s
third
straight
negative
week
and
its
biggest
losing
week
since
Oct.
27,
2023.
The
S&P
500
is
now
4.8%
off
its
52-week
high.
The
market
pullback
has
been
largely
driven
by
tempered
expectations
for
a
rate
cut
soon.
Economists
and
strategists
now
see
the
Fed
waiting
until
at
least
September
to
lower
rates
and
are
increasingly
entertaining
the
possibility
of
no
reductions
at
all
this
year.
Minneapolis
Fed
President Neel
Kashkari,
who’s
not
voting
on
rate
decisions
this
year,
told
Fox
News
Thursday
that
the
central
bank
needs
to
be
patient
as
long
as
it
takes
before
cutting
rates
and
the
first
move
may
not
take
place
until
2025.
“The
stock
market’s
biggest
worry
right
now
is
inflation,
which
is
re-accelerating
and
throwing
cold
water
on
the
idea
of
any rate cuts
in
2024,
let
alone
one
or
two,”
said
Michael
Landsberg,
chief
investment
officer
at
Landsberg
Bennett
Private
Wealth
Management.
The
blue-chip
Dow
and
the
tech-heavy
Nasdaq
Composite
are
also
poised
for
a
losing
week,
falling
0.6%
and
3.6%
so
far,
respectively.
The
Nasdaq
is
on
pace
for
its
fourth
straight
down
week,
the
longest
weekly
losing
streak
since
December
2022.
Companies
expected
to
report
quarterly
results
on
Friday
morning
include
consumer
products
giant
Procter
&
Gamble,
oilfield
services
name
SLB
and
financial
services
firm
American
Express.
