Nasdaq futures indicated a downward trajectory on Friday, as primary equity indices appeared set to mark their fourth consecutive week of declines. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average experienced declines of 0.7%, 0.5%, and 0.4%, respectively, in the latest trading session. Yesterday, major stock indexes concluded the day in the red, mitigating significant losses during the last hour of trading as oil prices shifted direction, retreating from intraday peaks. The blue-chip Dow, benchmark S&P 500, and tech-heavy Nasdaq Composite concluded Friday with respective declines of 1.2%, 0.4%, and 0.1% for the week, following a downturn over the previous three weeks.

Brent crude futures, serving as the global benchmark, have recently experienced a reversal, declining by 0.8% to $107.75 a barrel. In parallel, West Texas Intermediate crude futures, which represent the U.S. benchmark, have slipped by 1% to $95. Nonetheless, WTI futures have surged almost 45% following the U.S. and Israel’s military actions against Iran on February 28, which prompted Iran to retaliate against U.S. and Israeli interests in the Middle East, leading to a significant disruption of the crucial Strait of Hormuz shipping channel. The yield on the 10-year Treasury note, a critical determinant of interest rates across various consumer loans, increased to approximately 4.31%, up from the previous day’s close of over 4.25%.

Gold futures paused their recent decline, increasing by 1.4% to $4,670 an ounce, while silver saw a rise of 1.3%, surpassing $72 an ounce. The U.S. Dollar Index, which monitors the value of the greenback relative to a selection of currencies, registered an increase of 0.1%, reaching 99.35. Bitcoin was trading at approximately $70,400, exhibiting minimal variation throughout the day. Equities of the Magnificent Seven technology behemoths exhibited a modest decline in premarket trading, following two consecutive sessions of negative performance. Tesla led the group lower Thursday with a decline of more than 3%.

In notable corporate moves, FedEx stock was up 6.5% before the bell after the package delivery giant lifted its profit outlook; shares of Tegna and Nexstar Media Group rose a respective 9% and 1.5% after the latter announced the FCC and DOJ had approved the local TV station operators’ merger; and Super Micro Computer stock plunged 27% as the U.S. charged employees with smuggling advanced Nvidia chips to China.