Dow, S&P 500, Nasdaq futures slide as oil surge rattles markets
U.S. stock futures declined early Thursday as investors reacted to rising oil prices and another mostly negative trading day on Dow Jones Industrial Average and other major indexes.
Futures tied to the Dow dropped about 1%, while contracts linked to the S&P 500 and the Nasdaq-100 each fell roughly 0.9%, News.Az reports, citing foreign media.
Energy markets remain under pressure as tensions escalate in the conflict involving the United States, Israel and Iran.
Reports that U.S. forces sank 16 Iranian vessels suspected of laying mines near the Strait of Hormuz have heightened concerns about disruptions to global oil supplies. Tanker traffic in the region has also been affected following attacks on two tankers near Iraqi port facilities, prompting the closure of Iraqi ports.
Crude prices continued to surge, with both West Texas Intermediate and Brent crude climbing above $100 per barrel in overnight trading after rising more than 4% on Wednesday.
The rally came despite an announcement by the International Energy Agency that member countries would release about 400 million barrels of oil from emergency reserves—the largest coordinated release in history.
Investors are also monitoring economic data after the latest reading of the Consumer Price Index showed prices rose 0.3% month over month and 2.4% annually in February, matching expectations. The Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation measure, is due on Friday.
In corporate earnings, Adobe and Dollar General are scheduled to report results after the market close on Thursday.
News.Az
By Nijat Babayev
