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postUS stock futures tumbled on Friday as oil prices jumped amid fresh fears about a hit to supply from the expanding Middle East conflict, in the wait for the release of the latest key monthly jobs report.
Dow Jones Industrial Average futures (YM=F) sank 0.7% after another volatile and losing session on Thursday. Meanwhile, contracts on the S&P 500 (ES=F) fell 0.7%, and those on the tech-heavy Nasdaq 100 (NQ=F) dropped almost 1%.
Oil prices climbed after Qatar’s energy minister predicted the war on Iran will force Gulf exporters to shut off production within days and warned it could spur prices to $150 a barrel. West Texas Intermediate (CL=F) futures rose over 6% to top $86, while international benchmark Brent (BZ=F) crude futures were up nearly 5% at above $89. Both are set for their biggest weekly surge in four years as tanker traffic in the Strait of Hormuz remains at a near-standstill.
Friday’s gains challenge President Trump’s push to put the brakes on the oil rally, which saw the US award India a temporary waiver to buy Russian crude. Concerns are rising about a reheating of inflation, with US gas prices at the pump hitting their most expensive since 2024.
The February jobs report due later will focus attention on the other side of the Federal Reserve’s dual mandate, the labor market. Economists expect the nonfarm-payrolls reading to show the US added 55,000 jobs, with a big shortfall seen as potentially making a case for interest-rate cuts. The unemployment rate is seen as unchanged at 4.3%.
After a switchback week, the S&P 500 (^GSPC) is on track for a weekly decline, while the Dow (^DJI) has fallen over 2% and breached negative territory for 2026. The Nasdaq Composite (^IXIC) may buck the trend and eke out a small weekly gain.
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US oil prices cross $86 for the first time in 2 years
Oil prices continued to climb on Friday morning as the Strait of Hormuz remained virtually closed, with only a handful of energy vessels passing through the vital passage in recent days.
Futures on Brent crude (BZ=F), the international pricing benchmark, rose by more than 4% to trade above $89. US benchmark West Texas Intermediate crude (CL=F) gained more than 6% to trade above $86.
US oil hit its highest level since March 2024 amid supply concerns, prompting the US Treasury Department to take actions to try and ease prices. Treasury Secretary Bessent said the US will issue a waiver allowing India to buy Russian oil stranded at sea.
Bloomberg reports:
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Premarket trending tickers: Gap, NCR, and Guidewire
Gap (GAP) stock fell 6% before the bell on Friday after the retailer missed Wall Street estimates for its fourth quarter earnings.
NCR Atleos Corporation (NATL) stock fell 8% during premarket hours after it asked holders of its 9.50% 2029 notes to approve amendments that prevent its planned merger with The Brink’s Company from triggering a “change of control” clause.
Guidewire Software (GWRE) stock rose 4% before the bell on Friday after raising its full-year revenue guidance following the release of its second quarter results.
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Qatar warns war will force Gulf to stop energy exports ‘within days’
In an exclusive interview with the Financial Times (FT), Qatar’s energy minister has warned that the conflict in the Middle East could “bring down the economies of the world.” Saad al-Kaabi told the FT that all Gulf energy exporters would shut down production within days, and this will drive up the price of oil to $150 a barrel.
The FT reports:
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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:
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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:
Read more here.
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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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