Stock Market Today: S&P 500, Dow Futures Fall As Trump Orders Strikes Against Iran—Autozi Internet, Cracker Barrel In Focus

U.S. stock futures fell on Wednesday, as the Nasdaq 100, S&P 500, and the Dow Jones indices declined, following Tuesday’s mixed close.

Investors are closely watching the upcoming May CPI release before the market opens, which FactSet data estimates will show a 4.2% year-over-year increase. If accurate, this uniform projection across surveyed analysts would mark the largest annual rise in consumer prices since April 2023.

On Tuesday, President Donald Trump ordered military strikes against Iran after a U.S. Apache helicopter was brought down near the Strait of Hormuz. Trump later downplayed the severity of the incident, telling The Wall Street Journal that it “wasn't a big deal” because “the pilot is fine.”

This came right after Trump posted early Monday that “both sides, Israel and Iran, are looking to do an immediate ceasefire,” shortly before Iran’s armed forces said they had ended military operations against Israel.

Meanwhile, the 10-year Treasury bond yielded 4.53%, and the two-year bond was at 4.14%. The CME Group's FedWatch tool‘s projections show markets pricing a 98.2% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

Index	Performance (+/-)
Dow Jones	-0.45%
S&P 500	-0.54%
Nasdaq 100	-0.88%
Russell 2000	-0.64%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Wednesday. The SPY was down 0.47% at $733.62, while the QQQ declined by 0.79% to $702.25.

Stocks In Focus

Super Micro Computer

• Super Micro Computer Inc. (NASDAQ:SMCI) dropped 8.74% in premarket on Wednesday after the company announced a proposed offering to fund AI orders. It launched a series of offerings expected to generate gross proceeds of $7 billion to fund the purchase of components to fulfill AI server orders that the company received in “recent weeks.”

• Benzinga’s Edge Stock Rankings indicate that SMCI maintains a strong price trend in the short, medium, and long terms, with a solid growth ranking.

Casey’s General Stores

• Casey’s General Stores Inc. (NASDAQ:CASY) was 2.87% higher as it reported better-than-expected fourth-quarter results. For the fourth quarter, EPS were $4.37, exceeding the analyst estimate of $3.32 by 31.63%

• Benzinga’s Edge Stock Rankings indicate that CASY maintains a strong price trend in the long and medium terms but a weak trend in the short term, with a moderate value score.

Autozi Internet Technology

• Autozi Internet Technology Ltd. (NASDAQ:AZI) surged 54.05% following the fulfillment of a $7 million funding commitment by its controlling shareholder, as announced by the company.

• Benzinga’s Edge Stock Rankings indicate that AZI maintains a strong price trend in the long, short, and medium terms.

Cracker Barrel Old Country Store

• 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.

• Benzinga’s Edge Stock Rankings indicate that CBRL maintains a strong price trend in the medium and short terms, but a weak trend in the long term, with a poor growth score.

Oracle

• Oracle Corp. (NYSE:ORCL) was 2.67% lower as the Wall Street expects it to post quarterly earnings of $1.96 per share on the revenue of $19.10 billion after the closing bell.

• Benzinga’s Edge Stock Rankings indicate that ORCL maintains a strong price trend in the long, medium, and short terms, with a poor value score.

Cues From Last Session

Health care, real estate, and materials stocks recorded the biggest gains on Tuesday, driving most S&P 500 sectors to close on a positive note. However, information technology and energy stocks bucked the overall market trend, closing the session lower as U.S. stocks settled mixed.

Index	Performance (+/-)	Value
Dow Jones	0.17%	50,872.11
S&P 500	-0.26	7,386.65
Nasdaq Composite	-0.97%	25,678.82
Russell 2000	0.41%	2,867.02

Insights From Analysts

Professor Jeremy Siegel maintains a constructive outlook on the U.S. economy and stock market, driven by a resilient labor market and robust corporate profits.

Despite minor economic friction, Siegel observes that “the economy is not slowing in any meaningful way,” as evidenced by strong payroll gains that defy consensus expectations of a slowdown. This macroeconomic strength, alongside geopolitical tensions, means the prospect of near-term interest rate cuts has become “even more remote.”

In the equity markets, Siegel notes that the AI theme continues to dominate, with investors looking past geopolitical risks to focus on innovation. While a market trading at 21 to 22 times forward earnings is “not cheap,” he argues it remains justifiable.

He explains that “digital products can be replicated at almost no incremental cost,” which fuels the expanding profit margins of top tech franchises.

While Siegel acknowledges a recent, disappointing lag in productivity data, he remains optimistic about the long-term benefits of tech innovation.

Ultimately, he advises investors to stay the course, concluding that “until we see meaningful deterioration in the labor market or a clear breakdown in earnings growth, the primary trend remains higher.”

Upcoming Economic Data

Here's what investors will be keeping an eye on Wednesday.

• May’s consumer price index and core CPI data will be released by 8:30 a.m. ET.
• The monthly U.S. federal budget statement for May will be out by 2:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session 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. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.01% higher at the 99.9180 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 2.25% lower at $61,490.33 per coin, as per the last 24 hours.

Asian markets closed mixed on Wednesday, as Australia's ASX 200 and India’s Nifty 50 indices rose, while Hong Kong's Hang Seng, Japan's Nikkei 225, South Korea's Kospi, and China’s CSI 300 indices declined. European markets were mostly higher in early trade.

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