US stock futures fell sharply on Wednesday after President Donald Trump said the ceasefire between the US and Iran was finished.
Dow Jones futures dropped more than 500 points, or around 1%. S&P 500 futures fell 0.7%, and Nasdaq 100 futures slipped 1.1%.
Trump made the comments at a NATO summit in Ankara, Turkey. “To me, I think it’s over. I don’t want to deal with them anymore,” he said when asked about the ceasefire status.
The remarks came after US forces carried out strikes on sites along Iran’s coast. The attacks were in response to Iranian strikes on three commercial ships near the Strait of Hormuz.
BREAKING: President Trump says the ceasefire with Iran is "over."
"I don't want to deal with them anymore, they are scum," Trump says. pic.twitter.com/laHQdRKZUV
— The Kobeissi Letter (@KobeissiLetter) July 8, 2026
Earlier, the US Treasury had revoked a license that allowed Iran to sell oil on global markets. That move had already pushed oil prices higher on Tuesday.
By Wednesday morning, West Texas Intermediate crude was trading above $74 a barrel, up more than 5%. Brent crude climbed to nearly $78 a barrel.
Energy stocks rose on the back of higher oil prices, but the broader market moved lower.
The three major US indexes had already closed in the red on Tuesday. Chip stocks and other AI-related names led the declines.
Asian markets felt the pressure quickly. South Korea’s KOSPI index fell 5.4%, hurt by a selloff in memory chip makers including SK Hynix and Samsung.
Asia is a major importer of energy, making the region more exposed to rising oil prices than other parts of the world.
Deutsche Bank analyst Jim Reid said the events had “reignited concerns about energy supplies and geopolitical risk.”
He added that the latest escalation was “the most serious test yet for the ceasefire,” though he noted risk sentiment was “weak but not as much as you may have imagined.”
Bitcoin also fell following Trump’s comments, adding to losses from earlier in the session.
Investors are also watching the release of minutes from the Federal Reserve’s June meeting, due Wednesday afternoon.
The Fed held interest rates steady at that meeting. It was the first under new Chair Kevin Warsh.
Markets will look for any signals about where rates could be heading next.
For now, events in the Middle East are driving market moves more than any economic data.
The situation remains fluid, with no clear sign of renewed talks between Washington and Tehran.
The post Pre-Market Update: Stocks Fall as Trump Declares Iran Ceasefire Over and Oil Surges appeared first on CoinCentral.
