US stock futures slid on Friday as investors continue to react to an expanding conflict between the US-Israel coalition and Iran ahead of Friday’s key monthly jobs report.
Dow Jones Industrial Average futures (YM=F) fell 0.3% after another volatile and losing session on Thursday. Meanwhile, contracts on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) both shed about 0.4%.
During Thursday’s regular session, the S&P 500 (^GSPC), Nasdaq Composite (^IXIC) and Dow (^DJI) all closed in the red. The S&P 500 is on track for a weekly decline, while the Dow has fallen over 2% and breached negative territory for 2026. The Nasdaq has bucked the trend, heading for a small weekly gain.
Energy markets were again a major focus for traders. Oil prices surged Thursday, with West Texas Intermediate (CL=F) and Brent (BZ=F) crude futures both touching their highest levels since 2024. The gains see crude on track for its largest weekly percentage gain since March 2022.
Investors are now turning domestic attention to the February employment report due Friday. Economists surveyed by Bloomberg expect the report to show job growth of about 55,000, down from January’s gain of 130,000. The US unemployment rate is projected to remain unchanged at 4.3%.
Meanwhile, President Trump’s tariffs have returned to the headlines following the news that a federal judge has ruled that his administration must begin the process of refunding up to $130 billion in tariffs that were struck down by the Supreme Court.
More than two dozen states and 2,000 companies, including Costco (COST) and Fedex (FDX), have joined a court case against the government. “I guess it has to get litigated for the next two years,” Trump said of the case.
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Marvell beats Q1 revenue estimates on AI data center chip demand
Marvell Technology (MRVL) on Thursday reported better-than-expected first quarter revenue of around $2.4 billion, beating the $2.27 billion analysts estimated, according to LSEG data. The company said increased adoption of AI tools by enterprise clients is driving demand for the custom chips that power data centers.
Marvell stock jumped 11% in premarket trading on Friday.
Reuters reports:
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Chinese markets weather Iran war turmoil better than Asian peers
Bloomberg reports:
Chinese markets have held up better than their Asian peers during the global market sell-off caused by the war in Iran.
Onshore stocks have fallen around 1% this week, compared with a more than 6% decline across Asian markets, even as analysts warn about the war’s impact on the region, including for China, a major oil importer.
The yuan posted the smallest drop against the dollar among major Asian currencies, and Chinese sovereign bonds have also outperformed major peers amid the sell-off.
In a week marked by mounting geopolitical risks and sharp swings across global markets, Chinese assets have emerged as a comparatively stable corner within Asia. This reflects a mix of factors, including Beijing’s emphasis on policy continuity and economic support at the National People’s Congress.
China’s equity markets can serve as “a shelter for global investors seeking diversification during global political instability,” while also offering exposure to the country’s artificial intelligence push, said Marco Sun, chief financial markets analyst for China in MUFG Bank’s global markets division.
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February jobs report on deck: Here’s what to expect
Is the labor market stabilizing or sliding backward after last year’s onslaught of dismal data? On Friday morning, all eyes will be on February’s jobs report for clues when it’s released at 8:30 a.m. ET.
Yahoo Finance’s Emma Ockerman takes a look at what investors will be looking out for:
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Softbank seeks loan of $40 billion in OpenAI investment
Reuters reports:
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Anthropic ready for legal battle with Pentagon over blacklist
Bloomberg reports:
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