Nasdaq futures indicated a downward trend ahead of the February jobs report on Friday, while oil futures were set to achieve their largest weekly gain in four years. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average indicated declines of 0.4%, 0.3%, and 0.2%, respectively. Yesterday, the blue-chip Dow, benchmark S&P 500, and tech-heavy Nasdaq experienced declines of 1.6%, 0.6%, and 0.3%, respectively, with the Dow losing 785 points. As Friday approached, the Dow had declined by 2.1% for the week, heading towards its most significant weekly drop since October. Meanwhile, the S&P 500 was down by 0.7%, while the Nasdaq saw a slight increase of 0.4%. Oil prices experienced a significant increase yesterday following Iran’s assertion of an attack on a tanker in the Strait of Hormuz.

West Texas Intermediate crude futures, the U.S. benchmark, rose an additional 3.5% to nearly $84 a barrel in recent trading, marking a remarkable 25% surge this week—the largest weekly gain since Russia’s invasion of Ukraine in early 2022. As the conflict in the Middle East enters its seventh day and tanker traffic is largely suspended through the crucial Strait of Hormuz, Danish shipping giant Maersk announced on Friday the suspension of two services connecting the region to Europe and Asia. Meanwhile, investors will be closely monitoring the Bureau of Labor Statistics’ U.S. employment report, which is anticipated to reveal that U.S. employers added 50,000 jobs in February, a decrease from the unexpectedly robust 130,000 added in January, according to a survey. The unemployment rate is projected to remain at 4.3%, marking the lowest level since August.

The yield on the 10-year Treasury note, a key indicator influencing interest rates across various consumer loans, stood at 4.17% prior to the reading, an increase from Thursday’s closing rate of 4.14%. The yield concluded last week at 3.95% and has increased each day this week. Gold futures increased to $5,095 an ounce, while silver futures saw a rise of 1% to approach $83 an ounce. The U.S. Dollar Index, which monitors the value of the greenback against a selection of currencies, dipped to 99.27. Bitcoin, which fell to a low of $63,000 following the recent attacks by the U.S. and Israel on Iran on Saturday, was trading at approximately $70,600, a decrease from overnight peaks close to $71,600.

Following the earnings reports, shares of Marvell Technology surged by 12%, while Gap experienced a decline of 6.5%. Additionally, Costco Wholesale saw a slight decrease before the market opened. Shares of the Magnificent Seven tech giants showed a slight downturn ahead of the market opening, with Nvidia experiencing the largest premarket drop at nearly 1%.