Futures Marginally Higher as Geopolitical Risks Rise

Futures are marginally higher this morning as markets react to a week of elevated geopolitical risk and see-saw headlines around the Middle East conflict. Geopolitical headlines remain at the center of the tape. The conflict in the Middle East has entered its fifth day, with ongoing strikes and counter-strikes keeping energy markets on edge. There are reports Iran has made indirect contact about potential talks, which is feeding some risk appetite and helping futures trim earlier losses, but uncertainty around the durability of any de-escalation continues to drive positioning.The energy complex continues to surge, with crude oil prices well above recent ranges on heightened supply-risk fears tied to the Strait of Hormuz and broader regional tensions. Higher oil is translating into inflation concerns and weighing on multiple risk assets, particularly rate-sensitive sectors that already faced pressure this week.Global equity markets outside the U.S. are showing stress, with Asian markets taking a particularly severe hit. South Korea's benchmark index experienced one of its largest historical selloffs and other major Asian indices like Japan's Nikkei and Taiwan's TAIEX are trading materially lower as well.In pre-market trading, S&P 500 futures rose 0.38%, Nasdaq futures rose 0.59% and Dow futures rose 0.27%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -SSR Miningup 17% after announcing that it has entered into a binding memorandum of understanding to sell its 80% ownership stake in the Copler mine and related properties in Turkey for $1.5BModernaup 8% after entering into a settlement agreement with Arbutus Biopharmaand Genevant Sciences, a subsidiary of Roivant Sciences, resolving all litigation worldwideUP AFTER EARNINGS -Ross Storesup 6%Brown-Formanup 6%Bath & Body Worksup 4%Wix.comup 1%DOWN AFTER EARNINGS -Staar Surgicaldown 8%Abercrombie & Fitchdown 5%Daktronicsdown 4%National Visiondown 1%