Futures tied to the Dow Jones Industrial Average dropped about 1.5 percent after plunging nearly 1,000 points overnight, News.Az reports, citing foreign media.
Contracts linked to the S&P 500 and the Nasdaq-100 fell roughly 1.3 percent and 1.5 percent, respectively. All three indexes recovered slightly after earlier losses that had exceeded 2 percent.
RECOMMENDED STORIES
Oil prices eased somewhat after earlier spikes of around 25 percent late Sunday, driven by the expanding conflict involving Iran and supply reductions by producers. Shipping through the Strait of Hormuz remains largely halted, intensifying supply concerns. Kuwait confirmed it had cut oil production without specifying the scale, while output in Iraq has reportedly fallen by about 70 percent.
Amid the supply shock, finance ministers from the Group of Seven are expected to discuss a possible coordinated release of petroleum from emergency reserves managed by the International Energy Agency, according to the Financial Times. The United States and two other countries are reported to support the move as a way to ease the impact of rising oil prices.
Futures for West Texas Intermediate were trading near $103 per barrel, while global benchmark Brent crude stood above $107, both roughly 15 percent higher.
The latest sell-off follows a difficult week for US equities. The Dow lost about 3 percent last week, its steepest weekly drop since market turmoil triggered by tariff concerns from the administration of Donald Trump in April 2025. The S&P 500 declined about 2 percent, while the Nasdaq Composite fell more than 1 percent.
Investors are also watching upcoming economic data releases, including the Consumer Price Index scheduled for Wednesday and the Personal Consumption Expenditures index due Friday. However, these reports are unlikely to reflect the full impact of the recent surge in oil prices.
On the corporate front, earnings season continues with results from Hewlett Packard Enterprise expected after Monday’s closing bell. Reports from Oracle, Adobe and Dick's Sporting Goods are scheduled later in the week.
