U.S. stock futures fell significantly on Monday as oil prices climbed sharply above the $100 per barrel mark, driven by the intensifying conflict in the Middle East.
As of 4:40 P.M. (GMT+7), Dow Jones Industrial Average futures fell by 0.95%, or 451.70 points, to 47,049.90 points, while S&P 500 futures decreased by 0.83%, or 55.70 points, to 6,684.30 points. Nasdaq 100 futures also dropped by 0.87%, or 214.50 points, to 24,428.50 points.
Energy markets continued to be roiled as traders reacted to disrupted oil shipments through the Strait of Hormuz during the second week of hostilities involving Iran. Several oil producers in the region—including Kuwait, Iran, and the United Arab Emirates—have scaled back crude output in response to storage facilities reaching capacity due to the transport bottleneck.
Market participants are also awaiting domestic economic data later in the week, particularly Wednesday’s Consumer Price Index and Friday’s Personal Consumption Expenditures report. However, the latest surge in oil prices is unlikely to be fully reflected in these initial data releases.
On the earnings calendar, Hewlett Packard Enterprise is set to announce financial results after Monday’s close. Later in the week, reports from Oracle, Adobe, and Dick’s Sporting Goods are scheduled.
