Nasdaq futures indicated a significantly lower opening on Thursday as oil prices persisted in their upward trajectory, with the International Energy Agency stating that the conflict in the Middle East was “creating the largest supply disruption in the history of the global oil market.” Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 experienced declines of 0.7%, 0.6%, and 0.5%, respectively, in the latest trading session. Yesterday, the major indexes concluded the trading session predominantly in the red, despite an increase in oil prices following the IEA’s decision to release a historic 400 million barrels of strategic reserves aimed at stabilizing market prices.
On Thursday morning, the agency announced a revision in its outlook for global supplies, projecting an increase of 1.1 million barrels per day in 2026, a significant decrease from the previous estimate of 2.4 million barrels per day. West Texas Intermediate crude futures, the U.S. oil-price benchmark, experienced an additional surge of 6%, surpassing $92 a barrel early Thursday. Gold futures increased to $5,185 an ounce, while silver futures experienced a 2% rise, surpassing $87 an ounce. The U.S. Dollar Index, which monitors the value of the greenback relative to a selection of currencies, increased to 99.36. Bitcoin was trading around $70,700, exhibiting minimal variation throughout the day. Uncertainty regarding energy supply and the possibility of military escalation has positioned macro markets in a state of cautious observation, where policy considerations and geopolitical risks converge,” analyst Dean Chen noted.
In corporate news, the shares of the majority of the Magnificent Seven tech giants indicated a downward trend prior to the market opening. They concluded the day with mixed results, as Tesla emerged as the largest gainer at 2.2%. U.S.-listed shares of Honda Motor sank nearly 7% in premarket trading after it announced expectations of expenses and losses related to the reassessment of its electrification strategy, which could reach up to 2.500 trillion yen ($15.75 billion). The company now anticipates a net loss for this fiscal year rather than a profit.
In the aftermath of earnings announcements, Petco Health & Wellness experienced a notable increase of 12%, while Dick’s Sporting Goods saw a rise of 3%. Conversely, UiPath’s stock experienced a decline of 7.5%, U.S.-listed shares of Li Auto fell by 2%, and Dollar General’s stock decreased by 4.5%. Shares of Adobe were down less than 1%, as the company was scheduled to report after markets closed.