Stock Market Futures Today: Dow, S&P 500, Nasdaq Futures Slammed — Iran War and Oil Spike Trigger Selloff

U.S. stock futures are in freefall Monday morning as oil prices blow past $100 per barrel and Wall Street braces for one of its worst sessions in months. The culprit is singular: the escalating U.S.-Israel war with Iran and the effective closure of the Strait of Hormuz.

Dow, S&P 500, and Nasdaq Futures Right Now

Futures tied to the Dow Jones Industrial Average dropped around 2.1% — over 1,000 points. Contracts linked to the S&P 500 fell 2.07%, while Nasdaq 100 futures declined roughly 2.34%.

The S&P 500 futures contract (ES=F) is trading at 6,604.25, down 139.50 points as of late Sunday evening ET. These are pre-market numbers and will be updated when the opening bell rings Monday morning in New York.

Why Is the Stock Market Down Today — The Iran War and Oil

US stock futures dropped sharply as oil surged past $100 a barrel amid the escalating Middle East conflict, raising concerns that higher energy costs could slow growth and reignite inflation. With the Iran war entering its second week and oil shipments effectively blocked through the Strait of Hormuz, several Middle Eastern producers including Kuwait, Iran, and the UAE have cut crude output as available storage nears capacity.

The Dow Jones Industrial Average closed Friday at 47,502, slipping into negative territory for 2026 after the U.S. and Israel attacked Iran last weekend. West Texas Intermediate crude surged 13% on Friday to top $91 per barrel, with Brent crossing $93 after President Trump said the only path to resolution in Iran is "unconditional surrender."

Last Week's Damage — Already Ugly Before Monday

Wall Street was already pressured last week after weaker-than-expected payrolls data stoked inflation concerns linked to the conflict. The Dow finished last week 3% lower, the S&P 500 fell 2%, and the Nasdaq dropped 1.2%.

The February jobs report showed nonfarm payrolls fell by 92,000 — sharply missing expectations of 55,000 jobs added. The unemployment rate rose to 4.4%. The jobs collapse quashed any notion that the labor market is stabilizing and will likely prevent the Federal Reserve from cutting interest rates this month due to inflation concerns stemming from the war.

What to Watch This Week

Investors now turn to this week's CPI and PCE inflation readings for directional cues, along with earnings from Oracle, Adobe, and Hewlett Packard Enterprise, among others.

The energy sector remains the lone winner in 2026. Energy is up more than 25% on the year — more than double materials, which is in second place at up 10%. Every other sector is under pressure as the market reprices the risk of a prolonged Middle East conflict with no clear end date.

Key Numbers at a Glance