US Pre-Market June 10 2026: Futures Lower as Iran Strikes Meet a 4.2% CPI

Sentiment: bearish US futures: S&P 500 -0.47%, Nasdaq 100 -0.67%

S&P 500 futures sat 0.47% lower and Nasdaq 100 futures 0.67% lower into the June 10, 2026 open, after the United States launched fresh strikes on Iran overnight and May CPI printed at 4.2% over the year, its hottest since April 2023. The selling concentrated in semiconductors, with NVDA.US down 1.54%, AMD.US down 1.75% and AVGO.US down 1.37% in the pre-market. Oil firmed on the Strait of Hormuz escalation, with WTI at US$89.03 and Brent at US$92.19, the same energy spike that pushed the CPI energy component up 23.5% from a year ago.

What drove the overnight session

• US strike on Iran: The United States hit Iranian targets after Tehran downed a US military helicopter over the Strait of Hormuz, reigniting the conflict. Oil rose (WTI +0.94% to US$89.03, Brent +0.81% to US$92.19) and the VIX climbed 5.70% to 21.00. The setup into the open was risk-off, with a bid for energy (COP.US +1.04%, XOM.US +0.80%, CVX.US +0.74%) and defense (GD.US +1.04%, RTX.US +0.79%, LMT.US +0.56%).
• Hot May CPI: Headline inflation rose 0.5% on the month and 4.2% over the year, a third straight monthly acceleration. Core rose to 2.9%, its highest since September 2025, and energy led the gain on the Iran shock. CME FedWatch priced roughly 63% odds of a rate hike by October before the print, and an in-line but hot headline keeps that repricing intact ahead of next week's June 16 to 17 FOMC.
• Semiconductor derate: The chip trade sold off worldwide. Korea's KOSPI fell 4.52% and Japan's Nikkei 225 lost 1.89% overnight, and that fed into the US pre-market with QCOM.US -2.02%, ORCL.US -1.99%, NVDA.US -1.54% and AVGO.US -1.37%.
• Gold lower despite the war: Gold fell 2.30% to US$4,188 an ounce. The rate repricing from the hot CPI, with the 10-year Treasury yield holding at 4.53%, outweighed the haven bid that a Middle East escalation would normally bring.

Overnight Wall Street (Tuesday close)

• S&P 500: 7,386.65 (-0.26%)
• Nasdaq Composite: 25,678.82 (-0.97%)
• Dow Jones: 50,872.11 (+0.17%)
• VIX: 21.00, up from 19.87 at Tuesday's close

Tuesday began the rotation that is accelerating this morning. The Dow closed up 0.17% while the Nasdaq fell 0.97%, as money moved out of growth and into value and defensives ahead of the CPI release.

Overnight Asia and Europe

• KOSPI: 7,730.82 (-4.52%)
• Nikkei 225: 64,179.27 (-1.89%)
• Hang Seng: 24,407.96 (-0.64%)
• Shanghai Composite: 3,993.23 (-0.42%)
• DAX: 24,302.03 (-0.54%)
• Stoxx 600: 617.91 (-0.12%)
• FTSE 100: 10,214.53 (-0.13%)

Korea took the hardest hit, with the chip-heavy KOSPI down 4.52% as its semiconductor names tracked the global selloff. European benchmarks opened softer but held up better than Asia, with the DAX off 0.54% in mid-session trade.

Pre-market movers

The split is clean: semiconductors, software and cyclicals on the downside, energy, defense and staples on the upside. ORCL.US falls with the chip complex rather than on any company news, with its fiscal fourth-quarter report due after the close tonight.

US economic calendar today (ET)

• 8:30am: May CPI, released at +0.5% on the month, +4.2% over the year, core +2.9%
• After the close: ORCL.US fiscal Q4 results, with the conference call at 5:00pm ET

What to watch

• Whether the hot CPI headline holds the rate-hike repricing into the June 16 to 17 FOMC.
• The path of oil and the VIX as the Iran conflict develops through the US session.
• The breadth of the semiconductor selloff once the cash market opens.

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