Stocks Rebound After Israel Strike on Iran

Stock futures managed to recover on Friday after a sharp overnight drop, as investors reacted to the latest geopolitical developments between Israel and Iran and parsed through a new batch of earnings reports, including those from Netflix.

Sources informed NBC News that Israel had conducted a limited strike on Iran. This followed reports from Iran's Fars news agency about unexplained explosions near Isfahan city's airport earlier in the day.

Oil prices experienced a brief surge, climbing over 3% in Asian morning trading, with Brent crude futures briefly surpassing $90 a barrel. However, these gains were short-lived, as both Brent and West Texas Intermediate futures later receded slightly.

Despite a post-earnings decline, the market largely dismissed Netflix's more than 4% drop after the streaming giant reported quarterly earnings that exceeded expectations. Netflix announced a 16% increase in subscribers over the previous year but also stated it would stop reporting paid membership figures starting in 2025.

The S&P 500 is on track for its worst week in nearly six months amid growing concerns about inflation and monetary policy. The index has declined for five consecutive sessions, a streak not seen since October, resulting in a week-to-date loss of 2.2%. This marks the third consecutive negative week for the large-cap benchmark and its most significant weekly downturn since October 27, 2023.