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Wall Street Futures Climb on Fed Cut Hopes as Bitcoin Extends Steep Decline

US markets staged a rebound Friday morning, with futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq all moving higher after a turbulent week. The rally was fueled by growing bets that the Federal Reserve could cut interest rates at its upcoming December meeting, following dovish comments from New York Fed President John Williams. His remarks shifted sentiment sharply, with nearly 70% of traders now expecting a rate cut. Dow futures gained 0.7% , leading the advance. S&P 500 futures rose 0.5% , while Nasdaq futures added 0.4% . The optimism comes after Thursday’s sharp sell-off, underscoring the volatility gripping markets as investors weigh AI-driven risks and Fed policy divisions. Meanwhile, cryptocurrencies continued to struggle. Bitcoin plunged to around $82,000 , marking its worst month since the 2022 crypto collapse. The decline reflects heavy institutional outflows, miner sell-offs, and broader risk-off sentiment across digital assets.
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US and UK Impose Sanctions on Iran Following Unprecedented Attack on Israel


In a significant move, both the United States and the United Kingdom have taken action against Iran in response to Tehran’s recent attack on Israel. The concern is that this attack could escalate tensions in the already volatile Middle East region. Here are the key points:

  1. Sanctions Targeting Iran:

    • The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has specifically targeted 16 individuals and two entities in Iran. These entities are involved in producing engines that power the drones used in the April 13 attack on Israel.
    • Additionally, OFAC has sanctioned five firms related to steel production and three subsidiaries of Iranian automaker Bahman Group. Bahman Group is accused of materially supporting Iran’s military and other sanctioned groups.
    • The U.K. has also taken action against several Iranian military organizations, individuals, and entities associated with Iran’s drone and ballistic missile industries.

  2. President Biden’s Statement:

    • President Joe Biden emphasized that the U.S. will continue to impose sanctions to further degrade Iran’s military industries. He warned those who enable or support Iran’s attacks that they will be held accountable.

  3. Restricting Access to Microelectronics:

    • The U.S. Commerce Department is imposing new controls to limit Iran’s access to basic commercial-grade microelectronics. These controls apply to items manufactured outside the U.S. but produced using U.S. technology.

  4. Context of Iran’s Attack:

    • Iran’s attack on Israel came as a response to what it claims was an Israeli strike on Iran’s consulate in Syria earlier in the month.
    • Israel’s military chief has stated that his country will respond to the Iranian attack, while world leaders are urging restraint to prevent further escalation.

  5. European Union’s Stance:

    • European Union leaders have pledged to ramp up sanctions on Iran, specifically targeting its drone and missile deliveries to proxies in Gaza, Yemen, and Lebanon.
    • EU foreign policy chief Josep Borrell warned that the situation could lead to a regional war in the Middle East, sending shockwaves globally.

In summary, the U.S. and U.K. are taking decisive steps to hold Iran accountable for its actions, while also urging caution to prevent further conflict. The situation remains tense, and international leaders are closely monitoring developments.

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