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US stock futures tumbled at the start of the week as oil prices surged past the $100-a-barrel mark. The sell off followed a bruising stretch for equities, with the Dow closing out its worst weekly decline in nearly a year.
Futures tied to the Dow (YM=F) dropped about 2.1%. Contracts linked to the S&P 500 (ES=F) fell 1.7%, while Nasdaq-100 futures (NQ=F) declined roughly 1.5%.
Energy markets were a major driver of the moves. Crude prices spiked late Sunday due to reduced output while the Strait of Hormuz shipping corridor remained shut. Kuwait confirmed production cuts but did not specify the scale, while output in Iraq is reported to have plunged about 70%.
US benchmark West Texas Intermediate (CL=F) crude oil surged roughly 13% to more than $103 a barrel. Global benchmark Brent (BZ=F) crude climbed about 10% to $102.31.
The moves are seeing equities follow last weeks downward trend which saw the Dow Jones Industrial Average (^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 1.2%.
Looking to domestic economic reports, investors will be watching closely for Wednesday’s Consumer Price Index and Friday’s personal consumption index readings for an indication on how rising oil prices are impacting US consumers.
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.
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Stock market coverage for Monday, March 9, 2026.