President Donald Trump escalated his rhetoric against Iran Wednesday morning, declaring the country a failing state while warning that stalled nuclear negotiations would carry a steep cost — and Wall Street took notice before the opening bell.

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Trump Unleashes on Iran

Equity futures slid deep into negative territory as Trump posted a pair of fiery messages on Truth Social, framing Iran’s military as effectively neutralized.

“Iran’s Military is a complete and total mess,” Trump wrote. “Much of it, like their Navy and Air Force, doesn’t even exist anymore — They have been completely defeated. Iran is all talk and no action. The Bully of the Middle East is DEAD!!!”