Dow, S&P 500, Nasdaq futures climb after stocks sink to lowest levels since November
US stock futures climbed early Friday as traders looked ahead to an important inflation reading due Friday, while a sharp rise in oil prices continued to destabilize markets.
Futures tied to the Dow Jones Industrial Average (YM=F) and contracts linked to the S&P 500 (ES=F) rose 0.3%, while Nasdaq 100 futures (NQ=F) climbed around 0.1%.
The moves in futures followed a rough regular trading session that saw all three major US benchmarks finish at their lowest closing levels of 2026 — and at their lowest points since November. The Dow Jones Industrial Average (^DJI) dropped over 700 points, closing below 47,000 for the first time this year.
Equities came under pressure as oil prices surged after Iran’s new Supreme Leader, Mojtaba Khamenei, suggested the Strait of Hormuz should remain closed while the US and Israel continue attacks. The move, in combination with President Trump’s aggressive rhetoric, has spiked concerns that the war will continue to escalate, threatening to engulf the region with Iran threatening the potential of $200 a barrel oil.
Crude markets reacted swiftly. US benchmark West Texas Intermediate (CL=F) jumped almost 10% to settle at $95.73 per barrel, while Brent (BZ=F) crude closed above the $100 mark for the first time since August 2022. Prices continued rising in overnight trading Thursday.
The spike in oil, combined with renewed inflation worries, has also shifted expectations around Federal Reserve policy. Traders have scaled back bets that the central bank will cut interest rates this year.
With major earnings for the week wrapped, attention turns to January’s Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation measure, scheduled for release Friday morning. Investors will also get the first revision of Q4 US GDP growth, after the measure came in sharply under expectations in an initial reading. A first look at consumer confidence in March is also set for release.
LIVE 2 updates
