Dow futures inched up Thursday night after U.S. equities extended their sell-off this week amid the war in Iran and spiking oil prices.
Futures tied to the Dow Jones Industrial Average added 103 points, or 0.2%. S&P 500 futures gained 0.1%, and Nasdaq 100 futures advanced 0.1%.
Major stock averages declined on Thursday as worries ensued about the escalating U.S.-Iran conflict. The Dow lost nearly 785 points, or 1.6%, putting the index on track for its second negative week in a row and its worst week since last October. The S&P 500 fell about 0.6%, while the Nasdaq Composite dipped nearly 0.3%.
Eight of the 11 sectors were lower in the regular session, with industrials, materials and consumer staples each losing more than 2%. Caterpillar fell more than 3%, while United Airlines shed 5%.
Oil prices surged as traffic through the Strait of Hormuz remains at a standstill. West Texas Intermediate crude oil futures settled up 8.5% at $81.01, touching the highest level since 2024. Brent crude futures jumped almost 5%. Crude prices are headed for their biggest weekly percentage gain since March 2022.
“Markets remain in risk‑off mode as worries grow about the duration of the conflict and potential disruptions to energy supply,” Angelo Kourkafas, senior global investment strategist at Edward Jones, said. He said that the spike in U.S. oil prices is adding to inflation concerns that could put consumer spending under pressure.
To be sure, Kourkafas added, “structural shifts have reduced U.S. vulnerability to oil shocks. Oil would likely need to remain above $100 for an extended period to meaningfully slow economic growth, in our view. The U.S. has been a net exporter of oil since 2019, and the economy is far less energy‑intensive than it once was.”
Friday brings traders a new market catalyst in the form of February’s nonfarm payrolls, due at 8:30 a.m. ET. Economists polled by Dow Jones are looking for growth of 50,000 jobs, down from the 130,000 payrolls added in January. They also expect the unemployment rate to hold steady at 4.3%.
This week, the S&P 500 is on pace to lose 0.7%, while the 30-stock Dow has fallen 2.1%. The tech-heavy Nasdaq has outperformed, heading for a gain of about 0.4%.
What to expect from Friday’s jobs report
More clues on where the employment picture is headed will come Friday when the Bureau of Labor Statistics releases its monthly nonfarm payrolls report for February at 8:30 a.m. ET.
Economists surveyed by Dow Jones expect payroll growth of 50,000, following January’s surprisingly high 130,000. The unemployment rate is expected to hold at 4.3%, another sign of that, yes, stable labor market that certainly isn’t going gangbusters but is just strong enough to keep that jobless level steady.
However, the so-called stability may not be all it appears. Most of the payroll gains in 2025 came from health-care-related industries. Without the sector, even the meager 15,000 monthly average gains last year would have evaporated, and this year’s environment looks largely the same to those on the ground.
“One of the things that is very interesting-slash-potentially problematic is that we have almost all the growth happening in this health care and social [assistance]” sectors, said Laura Ullrich, director of economic research at Indeed. “I don’t really see it as balanced or stable if you’re seeing so much growth in just one subsector.” Read more here on CNBC.
— Jeff Cox
Costco, Marvell Technology among stocks moving Thursday evening
Check out the companies making headlines in after-hours trading.
- Costco Wholesale — Shares of the big-box retailer dipped less than 1% in the after-hours session. Costco reported $4.58 cents per share in earnings on revenue of $69.6 billion in the fiscal second quarter, while analysts polled by LSEG expected $4.56 cents per share in earnings on revenue of $69.29 billion. Membership fees totaled $1.36 billion, reflecting a 13.6% gain year over year.
- Marvell Technology — The company, which makes integrated circuits and semiconductor products, saw shares surge 14% on the back of strong quarterly results led by artificial intelligence demand. For its fourth quarter, Marvell reported adjusted earnings of 80 cents per share on revenue of $2.22 billion. Analysts polled by LSEG were expecting earnings of 79 cents per share and revenue of $2.21 billion. Management said Marvell expects its year-over-year revenue growth to increase each quarter in fiscal 2027.
- Gap — The apparel maker’s stock slid almost 8% after Gap reported fourth-quarter earnings of 45 cents per share, just shy of analysts’ forecast of 46 cents a share, per LSEG. Gap’s revenue came in line with expectations at $4.24 billion.
For the full list, read here.
— Pia Singh
