Stock Market Update

Futures remain lower before the open as escalating U.S.-Iran hostilities and higher oil prices set the tone in thinner pre-holiday conditions. In addition to reports that the U.S. struck Iranian launchers preparing to fire mines in the Strait of Hormuz, and Iran retaliated with missiles aimed at a U.S. base in Jordan, Reuters reports that Secretary Bessent also expects new secondary sanctions on Iran every week.

Several notable acquisitions have been announced this morning, with SLB (SLB 58.41, +1.08, +1.88%) agreeing to acquire Kelvion from Apollo (APO 134.29, -0.75, -0.56%) funds for $4.1 billion, while Eli Lilly (LLY 1172.78, -0.08, -0.01%) agreed to acquire Merida Biosciences for up to $2.875 billion in cash.