US strikes Iran rocket launchers as stock futures fall and oil jumps

August 31, 2026 at 05:23 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

US stock futures fell on Monday after the US struck Iranian rocket launchers near the Strait of Hormuz. Oil prices jumped, with Brent crude rising above $88 per barrel. Traders increased bets on a Federal Reserve rate hike at the September meeting to 62%.

Key Facts

Dow Jones futures fell 0.1%, S&P 500 futures fell 0.2%, and Nasdaq-100 futures fell 0.1% on Monday.
Brent crude futures rose above $88 per barrel after the US strike on Iranian rocket launchers.
Traders raised the probability of a 25-basis-point Fed rate hike in September to 62%, up from about 40% a week earlier.
Fed Chairman Kevin Warsh said in Jackson Hole on Friday that inflation is running too hot and the central bank has 'work to do.'
Apple CEO Tim Cook steps down today, handing the role to John Ternus, senior vice president of hardware engineering.

Market Reaction

Futures on the Dow Jones Industrial Average fell 0.1%, while S&P 500 futures declined 0.2% and Nasdaq-100 futures dropped 0.1%. All three major indexes remained on track to post gains for the month of August. The CBOE Volatility Index (VIX) fell to 14.13 on Friday, its lowest level of 2026. Renewed hostilities in the Middle East put pressure on stocks after the US struck Iranian rocket launchers preparing to send mines into the Strait of Hormuz.

Oil and Inflation

Oil prices jumped on worries that the conflict could escalate again, with Brent crude futures rising above $88 per barrel. The ongoing war in Iran has been a key factor keeping inflation concerns alive. Fed Chairman Kevin Warsh stated in Jackson Hole, Wyoming, on Friday that inflation was running too hot and the central bank has 'work to do.' Over the weekend, traders lifted their bets that the Fed would raise rates by 25 basis points at its next meeting to 62%, up from roughly 40% a week ago.

Apple Leadership Change

Tim Cook is stepping down as Apple CEO today, turning over the role to John Ternus, senior vice president of hardware engineering. Cook will stay on as executive chair and assist with certain aspects of the company, including engaging with policymakers around the world, Apple said in a statement. During his tenure, Cook oversaw the launch of the Apple Watch, AirPods, and the MacBook Neo, and grew Services revenue to more than $100 billion. Steve Jobs hired Cook in 1998, promoted him to executive vice president of worldwide sales in 2002, and appointed him COO in 2005 before Cook became CEO in 2011.