US pre-open: Futures lower as Trump departs G7 summit prematurely
By Iain Gilbert
Date: Tuesday 17 Jun 2025
(Sharecast News) - Major indices were in the red ahead of the bell on Tuesday as market participants were zeroed-in on developments in the Middle East conflict between Israel and Iran.
As of 1230 BST, Dow Jones futures were down 0.56%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.60% and 0.67% lower, respectively.
The Dow closed 317.30 points higher on Monday, taking a bite out of losses recorded in the previous session.
Donald Trump said on Monday evening that "everyone should immediately evacuate Tehran" and left the G7 summit in Canada prematurely, reportedly to deal with the escalating situation in the Middle East and spooking markets.
French President Emmanuel Macron said Trump had told him that his departure from the G7 meeting had "nothing to do with a ceasefire" and that it was "much bigger than that". Trump also said he could send either JD Vance or Steven Witkoff to meet with Iranian officials, but denied reports he had reached out to Iran for peace talks.
Oil prices were higher again early on Tuesday, with benchmark Brent crude futures up 1.87% at $74.60 a barrel, while West Texas Intermediate was 1.69% higher at $72.98 per barrel as, in addition to the Israel/Iran conflict and threats to close the Strait of Hormuz, two tankers collided and caught fire in waters off the United Arab Emirates, further rattling both oil and shipping markets.
On the macro front, May retail sales numbers will be published at 1330 BST, as will last month's import and export price indexes, while May's capacity utilisation and industrial production figures were slated for release at 1415 BST, and April business inventories and June's National Association of Housebuilders' housing market index will follow at 1500 BST.
Reporting by Iain Gilbert at Sharecast.com
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