Market moves; Oil gains; Canceled flights - CNN

The S&P 500 is poised to drop 0.1%. The Nasdaq could shed 0.2%, while the Dow should open flat.

European markets are doing better. Britain's FTSE 100 increased 0.3% in early trading. Germany's DAX jumped 0.5% and France's CAC 40 rose 0.8%.

Stocks in Asia were mixed. Hong Kong's Hang Seng lost 0.3%, and Japan's Nikkei dropped almost 1%. The Shanghai Composite, meanwhile, gained 0.5%.

The Dow finished 0.9% higher on Thursday. The S&P 500 was up almost 1%, and the Nasdaq rose 0.8%. The indexes have been buoyed by an indication from the Federal Reserve this week that it could cut interest rates.

2. Oil gains: Oil prices are moving higher as tensions between Iran and the United States remain hot.

Futures for Brent crude, the global benchmark, jumped 0.5% Friday. US oil inched up 0.2%.

Investors are concerned about supply after Iran said Thursday it had shot down an a US military drone, causing prices to spike. Brent crude shot up almost 4.3% and US oil rose 5.4%.

President Donald Trump called the move "very foolish," but added that he found it "hard to believe it was intentional."

The situation remains in flux. The New York Times is reporting that Trump on Thursday called off military strikes against Iran that he'd previously approved.

Tensions with Iran flared last week when two tankers were attacked near the Strait of Hormuz, an attack that US authorities blame on Tehran.

It's a murky picture for oil traders, who recently were more worried about excess supply as global economic growth cools.

3. Canceled flights: Meanwhile, airlines are canceling or rerouting flights to avoid the region.

A United (UAL) flight between Newark and Mumbai was suspended starting Thursday, the airline said.

The move followed new restrictions from the US Federal Aviation Administration prohibiting American carriers from operating over the Persian Gulf and Gulf of Oman.

The US regulator said in a statement that "heightened military activities and increased political tensions" in the region could "place commercial flights at risk."

Other global carriers are following suit. Qantas (QABSY) said it was shifting flight paths in the Middle East to avoid the Strait of Hormuz and Gulf of Oman. KLM (AFLYY) also said it would avoid the Strait of Hormuz.

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4. Coming this week:
Friday: US existing home sales, Markit flash US manufacturing PMI

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https://www.cnn.com/2019/06/21/investing/premarket-stocks-trading/index.html

2019-06-21 11:34:00Z
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