Dow Futures Drop 308 Points as Oil Hits Six-Week Highs
US stock market futures opened lower amid rising trade tensions, while global oil prices surged to six-week highs following recent military strikes between Iran and the United States.
Wall Street opened a shortened week on Monday with Dow Jones Industrial Average futures falling 308 points, marking a 0.6% decline. The 30-stock index benchmark slipped despite rising crude oil prices hitting six-week highs. Brent crude traded at $97.31 per barrel, up 1.1%, while West Texas Intermediate futures climbed to $92.66, gaining 1.3%. Traders linked the surge in energy costs to a conflict involving Iran and the U.S., alongside growing trade friction between Canada and the United States. S&P 500 futures declined 0.2%, whereas Nasdaq-100 futures advanced 0.1%. Crude price increases have pressured Treasury yields, pushing the 10-year note to its highest level since November 2023. Ed Yardeni, president of Yardeni Research, warned that a series of central bank meetings will test market stability. He noted that global bond yields are rising due to concerns about economic growth and inflation driven by energy costs. The Federal Reserve is scheduled to hold a monetary policy meeting next week.
