5 things to know before the market opens on Tuesday

good morning. As the war in Iran continues to unfold, today also marks the first midterm primary election in the United States. The races to watch are:

Stock futures are sharply lower this morning following mixed trading on Wall Street.

Here are five important things investors need to know to start their trading day.

As the Iran war intensifies, the US embassy in Saudi Arabia’s capital Riyadh was attacked by two drones on Tuesday morning local time. President Donald Trump said yesterday that the conflict could last “much longer” than the four-week timeline he initially suggested.

Here’s what you need to know:

U.S. Central Command announced Monday that six U.S. service members were killed in combat, up from four the day before. US stocks showed a dramatic rebound during the day yesterday. of S&P500 Monday’s trading ended slightly higher despite falling more than 1% earlier in the day. Travel-related stocks, including cruise ship operators, hotel chains and airlines, fell as the conflict disrupted the global tourism industry. Oil prices have soared after Iran reportedly closed the Strait of Hormuz, a key barrier for global oil trade. European natural gas futures prices soared 70% this week after an Iranian drone attack halted liquefied natural gas production in Qatar.Amazon Shares retreated in after-hours trading after the e-commerce giant said drone attacks damaged three of its facilities in the United Arab Emirates and Bahrain. Stock futures suggest Wall Street could be in for a rough day. Follow live market updates here.

targetThis morning, the company’s fourth-quarter results beat Wall Street expectations, sending shares up 4% before the bell.

However, the retailer reported lower revenue and store traffic during the important holiday quarter. Sales fell by about 1.5% from the same period last year, below analysts’ expectations. Customer visits to stores and Target’s website have also now declined for the fourth consecutive quarter.

Target will hold an investor day at its Minneapolis headquarters this morning. CEO Michael Fidelke will speak with CNBC’s Sarah Eisen today at 10 a.m. ET, marking his first broadcast interview since taking the helm of the retailer last month. Watch live on CNBC or CNBC+.

Experts told CNBC’s Jessica Dickler that consumers should start expecting to pay more for gas within a week as oil prices soar.

A $10 per barrel increase in oil prices could equate to an increase of about 25 cents per gallon at the pump, said Ken Medlock, senior director of Rice University’s Baker Institute Energy Research Center. According to AAA, gasoline prices hit a record high in June 2022 after Russia’s invasion of Ukraine drove oil prices to $100 per barrel.

For President Trump, the Iran conflict could deal a major blow to his claims that inflation is under control. “The war has proven to be ‘inflationary’,” said Thierry Wisman, a strategist at Macquarie Group.

apple Yesterday started product release week with new iPhones and updated iPads.

The company is debuting the iPhone 17e, a cheaper version of the iPhone 17, starting at $599. Meanwhile, Apple replaced the M3 chip in the iPad Air with the M4 chip while keeping the same design and price.

More products will be announced in the coming days. Apple has reportedly told stores to prepare for large crowds.

paramount skydance has plans to shake up the streaming industry. In the case of an acquisition agreement warner bros discovery Paramount CEO David Ellison said Paramount+ and HBO Max will be combined into one service.

As CNBC’s Alex Sherman reports, Paramount did not provide details about potential pricing or the name of the platform, but Ellison said he has no intention of rebranding HBO. HBO is expected to be a sub-brand within the larger service, according to a person familiar with Paramount’s plans.

—CNBC’s Sean Conlon, Spencer Kimball, Pippa Stevens, Sara Agostino, Leslie Josephs, Annie Palmer, Jessica Dickler, Jeff Cox, Mackenzie Sigalos, Alex Sherman and Hugh Song contributed to this report. Josephine Rozzelle edited this version.