5 things to know before the market opens as oil jumps following US airstrike on top Iran military leader

Traders work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters

1. Stock futures tank after US kills top Iranian military leader

Stock futures fell sharply Friday after the U.S. confirmed it was behind an airstrike that killed Gen. Qasem Soleimani, a top Iranian military leader. Soleimani's death not only heightened tensions between Iran and the U.S., it also raised concern over an energy shock that could hurt the global economy. Friday's losses would take a big chunk out of Thursday's strong rally to record highs.

2. Oil prices jump

Flames burn from gas venting pipes on the Casablanca oil platform, operated by Repsol SA, in the Mediterranean Sea off the coast of Tarragona, Spain, on Tuesday, June 28, 2016. The exploration and production division, which pumped 714,000 barrels of oil equivalent per day in the quarter, posted a 17 million-euro profit, up from a 190 million-euro loss a year earlier. Photographer: Angel Navarrete/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images

West Texas Intermediate futures jumped nearly 4% to around $63.50 per barrel following the killing of Soleimani. This gave energy stocks a boost in the premarket. However, investors largely fled risk assets in favor of traditional safe havens such as gold and Treasurys. Gold futures jumped more than 1% and traded near $1,550 per ounce. The 10-year Treasury yield dropped to 1.81%.

3. Iran vows revenge

Protesters shout slogans against the United States and Israel as they hold posters with the image of top Iranian commander Qasem Soleimani, who was killed in a US airstrike in Iraq, and Iranian President Hassan Rouhani during a demonstration in the Kashmiri town of Magam on January 3, 2020.
Tauseef Mustafa | AFP | Getty Images

Iran vowed to retaliate against the U.S. Iranian Foreign Minister Mohammad Javad Zarif said in a tweet: "The U.S. bears responsibility for all consequences of its rogue adventurism." Iranian Defense Minister Amir Hatami reportedly said "a crushing revenge" will be taken by Iran. Iranian President Hassan Rouhani also said the country's stance against the U.S. will be "more decisive."

4. US to Americans in Iraq: Depart 'immediately'

U.S. President Donald Trump talks to reporters as he meets with Paraguay's President Mario Abdo Benitez in the Oval Office at the White House in Washington, U.S., December 13, 2019.
Jonathan Ernst | Reuters

The U.S. Embassy in Baghdad issued a security alert on Friday morning, urging U.S. citizens in Iraq to leave the country "immediately." The Embassy said citizens should "depart via airline while possible, and failing that, to other countries via land."

5. Apple gets big price-target hike from Bank of America

Apple CEO Tim Cook
Stephen Lam | Getty Images

An analyst at Bank of America hiked his Apple price target to $330 per share from $290 a day after the stock hit $300 for the first time. "Current data points suggest continued revenue strength for Apple including continued double digit y/y App store revenue growth," the analyst said. However, Apple shares dipped 0.6% before the bell, as the broader market remained under pressure due to geopolitical tensions.

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