US attacks Iran nuclear sites lead to oil spike, but market rebounds.

From Nasdaq: 2025-06-23 10:07:00

US Attacks Iran Nuclear Locations, Leading to Crude Oil Spike
The US launched successful attacks on three Iranian nuclear sites, causing crude oil prices to spike. B-2 stealth bombers dropped bunker-buster bombs, traveling over 30 hours undetected. Concerns about Iranian retaliation have been voiced by Trump administration officials.

Price Action is King
US equity futures initially dropped and oil futures rose, but Nasdaq futures rebounded after the overnight open. The market believes Iranian retribution is unlikely, as evidenced by the dramatic fade in oil prices.

Technical Picture: Price Levels to Watch
Key level for major US indices and QQQ ETF is the 21-day moving average. This level acted as a ceiling during corrections and a floor during the market rally. Monitoring this level will indicate bull market control.

USO Chart Analysis
USO ETF approaching multi-year resistance due to US-Iran tensions. Equity bulls hope for oil price rejection to signal easing tensions.

Stocks to Watch
Upgrades for AMD and Tesla’s robotaxi launch noted. HIMS stock plummeted after collaboration termination with NVO.

Bottom Line
Resilient price action in the stock market suggests geopolitical fears may be overblown. Price action is a key indicator on Wall Street.



Read more at Nasdaq: Bulls Shrug Off Iran Strikes, Recover from Initial Oil Jolt