Stock Futures Pinched by Oil, Iran Escalation

Stock futures are swimming in red ink this morning, as oil prices bubble over and bond yields resume their climb. The 10-year Treasury yield has rebounded from yesterday's decline, last seen at 4.7%. Front-month crude is 3.3% higher at last check, after President Donald Trump declared in a Truth Social post the U.S. will undergo the “most crushing economic operation ever taken against any country” against Iran, calling it “ economic Warfare and Isolation on an unprecedented scale.”

Futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 (NDX) futures are down triple digits this morning, the former also being dinged by a lackluster earnings report from Walmart (WMT).  

Continue reading for more on today's market, including:

• The alternative energy stock almanac you didn't know you needed.
• How gold stocks are reacting to the bond yield rollercoaster.
• Plus, more on Walmart; WOLF cools off; and investors take Moderna profits.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.9 million call contracts and 1.5 million put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.52, while the 21-day moving average remained at 0.59. 
2. Walmart Inc (NASDAQ:WMT) stock is 5% lower ahead of the bell, after a lower-than-expected full-year guidance overshadowed a top-line beat for the second quarter. The retailer also reported its slowest sales growth since 2020. WMT is set to breach its year-to-date breakeven level today and will be testing a floor at $110.
3. Wolfspeed Inc (NYSE:WOLF) stock is 10.7% lower before the open, after the semiconductor name reported a revenue miss that overshadowed a slimmer-than-expected second quarter miss. TD Cowen reinstated coverage with a "hold" rating and $25 price target. Wolfspeed stock is up 67% in 2026 heading into today.
4. The shares of Moderna Inc (NASDAQ:MRNA) are 10% lower in electronic trading. The prolific drugmaker is cooling off from its 177% explosion yesterday, as investors take profits from the cancer vaccine breakthrough. MRNA sports a 491% gain in 2026.
5. Dow names due for earnings this week. 

Asian Stocks Soar, Shrug Off Yield Pressure

Asian markets moved higher on Thursday, after the U.S. Treasury Department moved to ease bond-market fears and stabilize long-term yields. Japan's Nikkei rose 1.4%, after exports jumped 23.2% year over year in July, marking their fastest growth since October 2022 amid strong semiconductor shipments. South Korea's Kospi surged 5.9%, while Hong Kong's Hang Seng added 0.8%. China's Shanghai Composite gained 0.2%, after the People's Bank of China left its key lending rates unchanged for a 15th-straight month.

European markets are lower at midday as oil prices rise. London's FTSE 100 is down 0.5% at last glance, while France's CAC 40 and Germany's DAX are 0.4% and 0.6% lower, respectively. Germany's borrowing costs climbed to a 15-year high amid increased defense spending needs and a broader rise in global bond yields.