S&P Futures Slide 0.6% as Oil Tops $90 After Iran War Escalation
Futures tied to the Dow, S&P 500 and Nasdaq 100 each slid about 0.6% as crude oil climbed above $90 per barrel following heightened Middle East tensions. February’s Consumer Price Index rose 0.3% month-over-month and 2.4% year-over-year, with the Fed’s preferred PCE gauge due Friday.
1. Market Futures Decline
Late Wednesday, futures tied to the Dow, S&P 500 and Nasdaq 100 each dropped about 0.6% as investors assessed rising geopolitical risks. The downturn followed two straight mostly down sessions on Wall Street.
2. Oil Prices Surge
Crude futures for West Texas Intermediate and Brent climbed above $90 per barrel after both spiked over 4% in the previous session. Heightened conflict in the Middle East and disruptions in tanker traffic pressured energy markets globally.
3. Inflation Data and Fed Outlook
February’s Consumer Price Index rose 0.3% month-over-month and 2.4% year-over-year, matching estimates. Investors are now focused on Friday’s Personal Consumption Expenditures report to gauge Federal Reserve policy direction.