Dow, S&P 500, Nasdaq futures slammed as oil prices surge to over $100 a barrel

US stock futures fell at the start of the week as oil prices rose above $100 per barrel. The sell-off follows a troubling decline in stocks as the Dow completed its worst weekly decline in nearly a year.

Futures tied to the Dow (YM=F) fell around 2%, or over 800 points. Contracts tied to the S&P 500 (ES=F) fell 1.7%, while Nasdaq 100 futures (NQ=F) fell about 1.5%.

Energy markets were the main driver of these moves. Crude oil prices rose late Sunday as the conflict in Iran encouraged countries to cut production and the Strait of Hormuz shipping corridor remained closed. Kuwait production cuts confirmed but did not specify the scale; Production in Iraq has reportedly fallen by approximately 70%.

U.S. benchmark West Texas Intermediate (CL=F) crude oil rose roughly 18% to over $107 a barrel. Global benchmark Brent (BZ=F) crude oil rose by approximately 17% to over $108.

The moves allowed stocks to follow last week’s downward trend; The Dow Jones Industrial Average (^DJI) lost nearly 3%, its steepest weekly decline since the Trump administration’s tariff concerns rattled markets in April 2025. The S&P 500 (^GSPC) fell nearly 2%, while the Nasdaq Composite (^IXIC) lost over 1%.

Looking at domestic economic reports, investors will be keeping a close eye on Wednesday’s Consumer Price Index and Friday’s Personal Consumption Expenditures index readings, although neither will yet capture the impact of oil’s recent dramatic rise on price pressures.

On the corporate side, earnings season continues with Hewlett Packard Enterprise’s (HPE) expected results after Monday’s close. Reports from Oracle (ORCL), Adobe (ADBE) and Dick’s Sporting Goods (DKS) will be released next week.