Traders work on the floor of the New York Stock Exchange at the opening bell on March 18, 2026.
Angela Weiss | Afp | Getty Images
U.S. stock futures slid Wednesday night after the Dow Jones Industrial Average dropped to a fresh 2026 low, as inflation fears took hold on Wall Street.
Dow futures fell by 115 points, or 0.25%. S&P 500 futures and Nasdaq 100 futures dipped 0.21% and 0.25%, respectively.
Oil prices spiked higher, with Brent crude futures, the international benchmark, topping $111 a barrel after the settle. West Texas Intermediate crude futures briefly rose back above $100 a barrel.
Micron Technology shares lost more than 4% in extended trading. A memory supply shortage helped the semiconductor company nearly triple its revenue in its most recent quarter.
Wall Street is coming off a dismal trading session. On Wednesday, the 30-stock Dow tumbled some 768 points, or 1.6%, to a new closing low for the year. The benchmark, which also touched an intraday low for 2026, even closed below its 200-day moving average, a technical level suggesting the long-term trend for the index is now negative.
The S&P 500 sold off by 1.4%, while the Nasdaq Composite slid 1.5%.
The sell-off comes after a surprisingly hot producer prices report, and greater inflation expectations from the Federal Reserve, added to fears that the war in Iran could mean the U.S. economy is headed for a stagflation scenario — or a period of lower growth and higher pricing pressures.
It also lowered expectations for an interest rate cut, even with the Fed signaling one reduction is still coming this year. Markets were last pricing in a 52% probability that the central bank stays on hold in 2026, according to the CME FedWatch Tool.
Investors remain hopeful that the stock market could right itself, given that the backdrop of strong corporate earnings and a resilient consumer remains constructive for equities. For the time being, the key overhang will remain the duration of the Iran war.
“The biggest uncertainty or unknown is, how long is this crisis going to last? Should it linger for much longer, then the related impact on inflation and potentially on growth is what will break the market,” Barclays head of U.S. equity strategy Venu Krishna told CNBC’s “Closing Bell: Overtime” on Wednesday. “But we are not there yet. That’s not our base case. You just have to keep your fingers crossed.”
On the economic front, the latest weekly jobless claims data is due out Thursday morning. The Philadelphia Fed Manufacturing Index is also set to release.
Darden Restaurants is expected to report before the open.