Stock Futures Lower Across the Board as Geopolitical Tensions Escalate

Stock futures are lower across the board, reversing the gains that kicked off the second quarter. Markets are giving back yesterday's relief rally in a sharp sentiment reversal, as geopolitical optimism has been replaced by a renewed escalation narrative. Investors are now pricing in a prolonged and potentially intensifying war, with direct implications for energy markets and global growth. The catalyst is last night's presidential address, which emphasized continued military action over the coming weeks rather than de-escalation, effectively pulling the rug out from under the "peace trade" that drove markets higher on April 1.Crude prices are surging back above $100 and pushing toward $110 as fears grow over sustained disruption in the Strait of Hormuz. This is re-tightening financial conditions almost immediately, with higher input costs, renewed inflation pressure, and a shift in rate expectations all weighing on risk assets.Cyclicals, airlines and travel stocks are under pressure as higher fuel costs and demand concerns re-enter the picture. At the same time, energy stocks are outperforming, and there is a clear move back toward defensive positioning, including a stronger dollar and reduced exposure ahead of the long weekend. With markets closed tomorrow for Good Friday traders may be less willing to hold geopolitical exposure over a three-day weekend with this level of uncertainty.In pre-market trading, S&P 500 futures fell 1.49%, Nasdaq futures fell 1.89% and Dow futures fell 1.38%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Globalstarup 12% after Financial TimesAmazonis in discussions to acquire the companyUP AFTER PRESIDENT TRUMP'S SPEECH ON IRAN CONFLICT -APA Corp.up 4%Diamondback Energyup 4%Devon Energyup 4%ConocoPhillipsup 3%BPup 3%Exxon Mobilup 2%Chevronup 2%TotalEnergiesup 2%Shellup 1%DOWN AFTER PRESIDENT TRUMP'S SPEECH ON IRAN CONFLICT -Carnivaldown 4%Royal Carribeandown 4%United Airlinesdown 4%Alaska Airdown 4%Frontier Groupdown 4%Norwegian Cruise Linedown 3%Delta Air Linesdown 3%Southwestdown 3%JetBluedown 3%LOWER -Alto Neurosciencedown 12% after reporting ALTO-101 did not achieve statistical significance on primary electroencephalography or cognitive endpoints versus placeboImmunovantdown 8% after announcing clinical studies evaluating batoclimab as an investigational treatment for adults with active, moderate-to-severe thyroid eye disease failed to meet their primary endpoint