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Geopolitical concerns dominated the conversation earlier this week, though the market has handled the uncertainty well, evidenced by the 0.1% week-to-date uptick in the S&P 500 entering today. These concerns are still in place, but they are being pushed to the backburner after President Trump said that he will decide on an approach to Iran over the next couple weeks.

The potential for military action remains on the table with The Wall Street Journal reporting that a strike plan has been approved by the president, but he has not given an order to proceed.

The market will remain on the lookout for new developments in the conflict, but today's participation is likely to be reduced with some investors staying away for the remainder of the weekend following yesterday's closure. The S&P 500 futures currently hover 14 points above fair value.

The overnight news flow included the release of Japan's CPI report for May, which showed an acceleration in National Core CPI to 3.7% year-over-year, a level not seen since early 2023. Elsewhere, the People's Bank of China made no changes to its one-year (3.00%) and five-year (3.50%) loan prime rates while the Bank of England held its bank rate steady at 4.25%, but that decision was announced yesterday.

In today's economic news, the Philadelphia Fed survey for June remained at -4.0 (Briefing.com consensus 0.3) that was seen in May. Later this morning, the market will receive the May Leading Indicators (Briefing.com consensus -0.1%; prior -1.0%) report at 10:00 ET.

Treasuries started the day in negative territory, sending the 10-yr yield higher by four basis points to 4.44%.