Stock Market Today — Monday March 9, 2026: Dow, S&P 500, Nasdaq Futures Crater as Oil Hits $107
Wall Street is bracing for a brutal open Monday morning. U.S. stock futures are deep in the red as oil prices blow past $107 per barrel and the Iran war enters its second week with no end in sight.
Pre-Market Futures Right Now — Monday, March 9
Futures tied to the Dow Jones Industrial Average dropped around 2.1%, or over 1,000 points. Contracts linked to the S&P 500 fell 2%, while Nasdaq 100 futures declined roughly 2.3%.
WTI crude oil surged roughly 18% to more than $107 a barrel, a key driver of the pre-market sell-off. Energy markets were pushed higher after Kuwait confirmed production cuts, while output in Iraq plunged approximately 70% as available storage nears capacity.
Why Is the Stock Market Down Today — Iran, Oil, and Stagflation Fears
The Iran conflict is doing the damage. 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 has already slipped into negative territory for 2026 following last week's losses. All three major indexes posted weekly losses and are now negative for the year.
The February jobs report added to the pain — nonfarm payrolls fell by 92,000, sharply missing expectations of 55,000 jobs added, and the unemployment rate rose to 4.4%. A slowing labor market combined with rising oil prices has raised fears of stagflation — a toxic combination of weak growth and rising inflation.
Where the Major Indexes Closed Friday
| Index | Friday Close | Weekly Change |
|---|---|---|
| Dow Jones (DJIA) | 47,502 | −3% |
| S&P 500 | ~6,744 | −2% |
| Nasdaq Composite | ~21,500 | −1.2% |
| WTI Crude Oil | ~$91/barrel | +13% |
Earnings and Economic Data This Week
Investors will be watching closely for Wednesday's Consumer Price Index and Friday's Personal Consumption Expenditures index readings, though both won't yet capture the full effect of oil's dramatic recent surge. On the corporate front, results from Hewlett Packard Enterprise are expected after Monday's closing bell, with Oracle, Adobe, and Dick's Sporting Goods scheduled later in the week.
The Only Winner in 2026 — Energy Stocks
Energy is up more than 25% on the year — more than double materials, which is in second place at up 10%. Defense stocks have also rallied sharply since the strikes on Iran began, with Lockheed Martin and Northrop Grumman both surging. Every other sector is under pressure as markets reprice a prolonged Middle East conflict with no clear resolution date.
