Market players are now waiting to see if the situation will escalate with a potential retaliation from Iranian forces. Investors aren’t oblivious to rising Middle Eastern tensions, but they’re placing Soleimani in the same category as the recent Iranian strikes against Saudi oil assets.
Crude prices, which rose after last week’s attack amid concerns over possible disruptions to the global oil supply, fell 0.7% to $62.84 per barrel.
In terms of data, there will be U.S. trade deficit figures out at 8:30 a.m. ET, followed by factory orders and non-manufacturing PMIs at 10 a.m.