US stock futures fell on Wednesday as the Nasdaq 100, S&P 500, and Dow Jones indices declined, following President Donald Trump's order for military strikes against Iran. The geopolitical escalation has introduced uncertainty into the market, overshadowing economic data releases. Investors are closely watching the upcoming May CPI release, which FactSet data estimates will show a 4.2% year-over-year increase, marking the largest annual rise in consumer prices since April 2023.

The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ) were lower in premarket trading. The SPY was down 0.47% at $733.62, while the QQQ declined by 0.79% to $702.25. Bond markets reflected expectations for steady interest rates, with the 10-year Treasury bond yielding 4.53% and the two-year bond at 4.14%. The CME Group's FedWatch tool indicates a 98.2% likelihood of the Federal Reserve leaving rates unchanged in June.

Stocks in Focus

Super Micro Computer Inc. (NASDAQ: SMCI) dropped 8.74% in premarket trading after announcing a proposed offering to fund AI orders. The company launched a series of offerings expected to generate gross proceeds of $7 billion to fund the purchase of components for AI server orders received in recent weeks.

Autozi Internet Technology Ltd. (NASDAQ: AZI) surged 54.05% following the fulfillment of a $7 million funding commitment by its controlling shareholder. Casey's General Stores Inc. (NASDAQ: CASY) rose 2.87% after reporting better-than-expected fourth-quarter results, with EPS of $4.37 exceeding the analyst estimate of $3.32.

Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) rose 5.51% as it reported third-quarter fiscal 2026 results that exceeded expectations, with revenue of $797.4 million and adjusted earnings of 29 cents per share. Oracle Corp. (NYSE: ORCL) was 2.67% lower as Wall Street expects it to post quarterly earnings of $1.96 per share on revenue of $19.10 billion after the closing bell.

Market Cues and Analyst Insights

Health care, real estate, and materials stocks recorded the biggest gains on Tuesday, driving most S&P 500 sectors to close positively. However, information technology and energy stocks closed lower. Professor Jeremy Siegel maintains a constructive outlook on the US economy and stock market, driven by a resilient labor market and robust corporate profits. He noted that the economy is not slowing in any meaningful way, making near-term interest rate cuts "even more remote."

Commodities and Global Markets

Crude oil futures were trading higher by 0.48% to hover around $88.62 per barrel. Gold Spot US Dollar fell 2.10% to hover around $4,170.27 per ounce. The US Dollar Index spot was 0.01% higher at the 99.9180 level. Bitcoin (CRYPTO: BTC) was trading 2.25% lower at $61,490.33 per coin. Asian markets closed mixed, while European markets were mostly higher in early trade.