Stock market today: Dow, S&P 500, Nasdaq futures sell off as oil prices surge to over $110 a barrel
US stock futures tumbled on Monday as oil prices surged past the $100-a-barrel mark and investors braced for the next development in a still-escalating Middle East war.
Dow Jones Industrial Average futures (YM=F) were down 1.5% after plunging 1,000 points overnight. Contracts on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) sank roughly 1.3% and 1.5%, respectively. All three indexes were recovering slightly from deeper losses above 2% in earlier hours.
Oil prices were coming off earlier highs after spiking around 25% late Sunday as the conflict in Iran spurred countries to cut output, already curbed as the Strait of Hormuz shipping corridor remained shuttered. Kuwait confirmed production cuts but did not specify the scale, while output in Iraq is reported to have plunged about 70%.
Amid that supply crunch, ministers from the G7 top economies will discuss a possible joint release of petroleum from IEA reserves, per the Financial Times. The US and two other countries are said to back the move, which aims to mitigate the impact of soaring oil prices.
West Texas Intermediate (CL=F) crude futures were trading at around $103 a barrel, while global benchmark Brent (BZ=F) futures changed hands above $107. Both were about 15% higher.
The sell-off in stocks followed a bruising stretch last week, which saw the Dow (^DJI) lose roughly 3%, marking its steepest weekly drop since tariff concerns from the Trump administration rattled markets in April 2025. The S&P 500 (^GSPC) slid about 2%, while the Nasdaq Composite (^IXIC) finished down over 1%.
Looking to domestic economic reports, investors will be watching closely for Wednesday’s Consumer Price Index and Friday’s Personal Consumption Expenditures index readings, though both won’t capture the effect of oil’s dramatic recent surge on price pressures just yet.
On the corporate front, earnings season continues with results from Hewlett Packard Enterprise (HPE) expected after Monday’s closing bell. Reports from Oracle (ORCL), Adobe (ADBE), and Dick’s Sporting Goods (DKS) are scheduled in the week ahead.
LIVE 7 updates