The major U.S. index futures on the Dow Jones, S&P and Nasdaq are currently pointing to a notably lower open for the markets on Friday, with stocks likely to show a significant move back to the downside after ending the previous session modestly higher.

Geopolitical concerns are likely to weigh on Wall Street early in the session after Israel launched a series of airstrikes against Iran earlier this morning.

The Israeli airstrikes targeting nuclear facilities and ballistic missile factories killed at least three of Iran’s senior military leaders.

Iran retaliated by launching more than 100 drones toward Israeli territory, which the Israel Defense Forces said they are working to intercept.

The attacks have led the worries about a wider conflict, and the price of crude oil has spiked amid concerns about supply disruptions.

Responding to the news in a post on Truth Social, President Donald Trump urged Iran to reach a nuclear agreement before an escalation of the attacks.

“There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end,” Trump said.

“Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire,” he added. “No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE.”

Stocks recovered from an early move to the downside to move modestly higher over the course of the trading session on Thursday. With the turnaround, the major averages largely offset the pullback seen during Wednesday’s session, with the Dow and the S&P 500 rebounding to three-month closing highs.

The S&P 500 ended the day up 23.02 points or 0.4 percent at 6,045.26, the Dow climbed 101.85 points or 0.2 percent to 42,967.62 and the Nasdaq rose 46.61 points or 0.2 percent to 19,662.48.

The turnaround on Wall Street came as traders digested the latest U.S. inflation data, with a report from the Labor Department showing producer prices crept up by less than expected in the month of May.

The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.

Economists had expected producer prices to rise by 0.3 percent compared to the 0.4 percent decline originally reported for the previous month.

Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.6 percent in May from 2.5 percent in April, in line with economist estimates.

“For the second day in a row, inflation data came in lower than expected and this gives the Fed room to sit on their hands,” said Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management.

He added, “As long as inflation isn’t increasing – or even better, is decreasing – the Fed can be patient and wait for more information on how the new tariffs and trade negotiations are going to impact the price stability part of their dual mandate later this year.”

Stocks moved lower earlier in the day due in part to lingering uncertainty about trade amid a lack of details about the U.S.-China trade deal announced on Wednesday.

President Donald Trump told reporters he would send letters to other U.S. trade partners in about two weeks outlining new tariff rates.

Trump also indicated he would be willing to extend the 90-day pause on tariffs set to expire early next month but said he doesn’t think it will be necessary.

Gold stocks showed a strong move to the upside amid a sharp increase by the price of the precious metal, with the NYSE Arca Gold Bugs Index climbing by 1.5 percent.

Significant strength also emerged among interest rate-sensitive utilities stocks, as reflected by the 1.4 percent gain posted by the Dow Jones Utility Average.

Software, pharmaceutical and networking stocks also moved notably higher on the day, while airline stocks extended Wednesday’s slump.