Stock Market Today: S&P 500, Dow Jones Futures Gain Despite US 'Defensive Strikes' On Iran—Elbit Systems, Intuitive Machines, Zscaler In Focus

U.S. stock futures rose on Tuesday, after a day’s break for Memorial Day, following a higher close on Friday.

The U.S. carried out “defensive strikes” in southern Iran after President Donald Trump said negotiations are “proceeding nicely.” U.S. Central Command said American forces launched strikes targeting Iranian missile launch sites and boats allegedly attempting to place mines near key waterways.

Meanwhile, the 10-year Treasury bond yielded 4.51%, and the two-year bond was at 4.06%. The CME Group's FedWatch tool‘s projections show markets pricing a 98.1% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

Index	Performance (+/-)
Dow Jones	0.51%
S&P 500	0.52%
Nasdaq 100	0.73%
Russell 2000	0.97%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Tuesday. The SPY was up 0.55% at $749.77, while the QQQ was higher by 0.88% to $723.83.

Stocks In Focus

SCYNEXIS

• SCYNEXIS Inc. (NASDAQ:SCYX) plunged 16.38% after it disclosed a 1-for-8 reverse stock split, effective May 29.

• Benzinga’s Edge Stock Rankings indicate that SCYX maintains a weak price trend in the long, medium, and short terms.

Elbit Systems

• Elbit Systems Ltd. (NASDAQ:ESLT) jumped 8.26% after it was awarded a contract valued at approximately $1.4 billion by a European customer for extensive military modernization programs. The contract will be performed over a period of five years.

• Benzinga’s Edge Stock Rankings indicate that ESLT maintains a strong price trend in the long and medium terms and a weak trend in the short term, with a solid quality score.

Intuitive Machines

• Intuitive Machines Inc. (NASDAQ:LUNR) soared 10.27% amid the SpaceX IPO frenzy following the deal it secured as the prime contractor for operations of the Lunar Reconnaissance Orbiter Camera, a key instrument aboard NASA’s Lunar Reconnaissance Orbiter.

• Benzinga’s Edge Stock Rankings indicate that LUNR maintains a strong price trend in the long, short, and medium terms.

Box

• Box Inc. (NYSE:BOX) was up 0.66% as it is scheduled to post quarter earnings after the closing bell. Analysts expect earnings of 36 cents per share on revenue of $304.39 million.

• Benzinga’s Edge Stock Rankings indicate that BOX maintains a weak price trend in the long term but strong trends in the short and medium terms, with a poor growth rank.

Zscaler

• Zscaler Inc. (NASDAQ:ZS) was 1.49% higher as analysts expect it to post quarterly earnings of $1.01 per share on revenue of $834.92 million, after the closing bell.

• Benzinga’s Edge Stock Rankings indicate that ZS maintains a weak price trend in the short term but a strong trend in the long and medium terms.

Cues From Last Session

Health care, utilities, and industrials stocks recorded the biggest gains on Friday, though consumer staples and communication services bucked the overall market trend to close the session lower.

Index	Performance (+/-)	Value
Dow Jones	0.58%	50,579.70
S&P 500	0.37%	7,473,47
Nasdaq Composite	0.19%	26,343.97
Russell 2000	0.91%	2,869.22

Insights From Analysts

Economist Mohamed El-Erian views the current U.S. stock market and economy as caught in a complex "tug-of-war between profound technological shifts and stubborn macroeconomic and geo-economic realities." While Wall Street continues to set record highs, driven by the "enormous promise of AI and strong earnings,"

El-Erian warns that this financial stability masks deeper underlying vulnerabilities.

A major concern is the widening disconnect between capital markets and everyday Americans, noting that “beneath the surface… the divide between Main Street and Wall Street grew.”

While the market remains resilient, household sentiment tells a different story, with consumer confidence hitting record lows amid “higher-for-longer” inflation and interest rates.

Furthermore, El-Erian highlights that the Federal Reserve faces a complicated road ahead under new leadership. He cautions that the economic outlook remains highly uncertain, threatened by potential demand destruction and geopolitical friction.

Ultimately, he stresses that escaping immediate financial risks is not the same as securing long-term economic stability, stating that “escaping immediate risks is not the same as securing sustained safe passage.”

Upcoming Economic Data

Here's what investors will be keeping an eye on this week.

• On Tuesday, March’s S&P Case-Shiller home price index (20 cities) data will be released by 9:00 a.m., and May’s Consumer confidence data will be out by 10:00 a.m. ET.
• On Thursday, initial jobless claims for the week ending May 23, April’s durable-goods orders, and April’s durable-goods minus transportation data will all be released by 8:30 a.m. ET.
• April’s new home sales report will be out by 10:00 a.m. ET.
• On Friday, the first quarter GDP second revision number, April’s personal income, spending, monthly and year-over-year PCE index, monthly and year-over-year core PCE index, April’s advanced U.S. trade balance in goods, advanced retail inventories, and advanced wholesale inventories data will all be out by 8:30 a.m. ET.
• May’s Chicago Business Barometer (PMI) will be released by 9:45 a.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 3.89% to hover around $92.84 per barrel.

Gold Spot US Dollar fell 1% to hover around $4,524.26 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.17% lower at the 99.0680 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.95% lower at $76,611.70 per coin, as per the last 24 hours.

Asian markets closed mixed on Monday, as China’s CSI 300 and South Korea's Kospi indices rose, while India’s Nifty 50, Hong Kong's Hang Seng, Japan's Nikkei 225, and Australia's ASX 200 indices fell. European markets were also mixed in early trade.

Photo courtesy: Shutterstock