U.S. stock index futures edged higher on Tuesday as investors assessed fresh economic sanctions targeting Iran and a surge in Bitcoin that pushed the cryptocurrency above $80,000. Dow futures were up 0.2%, while S&P 500 and Nasdaq 100 futures rose 0.3% and 0.6%, respectively, in pre-market trading.
The Treasury Department announced expanded sanctions aimed at disrupting Iran’s financial connections globally, with Secretary Scott Bessent stating the measures were designed to target Tehran’s "enablers" and isolate the country from the U.S. dollar system. Bessent warned that entities facilitating money laundering on behalf of Iran would face removal from dollar transactions, adding that the administration has requested allied nations cease interactions with Iran.
Oil prices declined, with Brent crude futures falling 0.6% to $91.58 per barrel. Both Brent and U.S. West Texas Intermediate crude settled more than 2% lower in the prior session, with WTI at a one-week low. Analysts at ING noted that traders appeared to view the U.S. efforts to pressure partners away from Iranian trade as having limited market impact.
Bitcoin extended its rally, briefly surpassing $81,200 to reach the highest level in over three months before paring gains to trade at $80,415.7, up 4.0% for the session. The cryptocurrency’s advance followed a period of consolidation below prior peaks.
In corporate news, Intuit disclosed plans to reduce its workforce by approximately 17%, affecting roughly 3,000 roles, and had previously trimmed its annual revenue outlook. The company’s guidance adjustments coincided with broader discussions around corporate cost-cutting amid economic uncertainty.
The White House also deferred until January 2027 a previously threatened 50% tariff on Canadian automotive, truck, and steel exports, easing trade tensions with Ottawa ahead of the deferred deadline.
