Markets are being pulled in opposite directions by the conflict and the rapidly shifting situation on the ground.

While some investors believe worst-case scenarios are still not fully priced in, others argue the focus should remain on underlying economic fundamentals and strong earnings.

Moves have been volatile as a result, with equities vulnerable to sudden reversals as new and often conflicting headlines emerge.

At 6.35am, Dow E-minis added 172 points, or 0.35%, S&P 500 E-minis gained 29 points, or 0.4%, and Nasdaq 100 E-minis rose 173.5 points, or 0.62%.

Brent crude futures fell1.56%, but were still trading above US$110 a barrel.

“US earnings are on a roll. The broader earnings backdrop looks healthy as well,” BlackRock Investment Institute analysts led by Global Chief Investment Strategist Wei Li said in a note.

However, they warned that “even US equities won’t be insulated” if the crucial oil shipping route through the Strait of Hormuz does not open.

Being a net energy exporter, the US has held up better than economies that rely on imports, with the benchmark S&P 500 and the Nasdaq Composite hitting record highs in recent days.

Meanwhile, grain trader Archer-Daniels-Midland rose 1.2% premarket after reporting better-than-expected first-quarter profit on higher margins.

DuPont gained 3.4% after the industrial materials maker lifted its annual profit forecast.

Shares of Pinterest jumped 17% after the image-sharing platform forecast second-quarter revenue above analysts’ estimates.

Intel rose 4.1% after Bloomberg News reported Apple had held exploratory discussions about using Intel and Samsung Electronics to produce the main processors for its devices.

Investors now await the US labor department’s latest job openings and labor turnover survey, ⁠or JOLTS report, due to be released at 10am.