Stock Market News Today, March 9 – U.S. Stock Futures Slump as Oil Tops $100 on Iran Tensions

U.S. stock futures slumped early Monday as oil prices surged past $100 per barrel amid escalating U.S.-Iran tensions. The surge in energy costs sparked fears of a U.S. economic slowdown from higher fuel prices. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 1.06%, 0.96%, and 1.12%, respectively, at 5:33 a.m. EST on March 9.

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These declines follow a turbulent week on Wall Street. The Dow dropped about 3%, its steepest weekly loss since President Trump’s April 2025 tariff announcement rattled markets. The S&P 500 shed roughly 2%, while the Nasdaq Composite closed down 1.2%.

Trump posted Sunday evening that a short-term spike in oil prices was a “very small price to pay” to neutralize Iran’s nuclear threat. The conflict shows no signs of abating, despite Trump’s claim it was “already won.” Reports indicate Iran has named Ayatollah Khamenei’s son, Mojtaba, as its new supreme leader.

U.S. crude surged over 35%, its largest weekly gain in decades. Oil futures surged Sunday night after major Middle East producers slashed output amid the ongoing closure of the vital Strait of Hormuz.

Meanwhile, G7 finance ministers will hold an emergency call this morning to discuss releasing oil from IEA (International Energy Agency) reserves amid the Iran war price surge. The IEA’s 32 members share a 1.2-billion-barrel stockpile for emergencies. U.S. officials reportedly suggest a 300–400-million-barrel release or about 25%-30% of the total reserve.

Key economic data releasing this week include inflation, employment, and gross domestic product (GDP).

Moreover, on the earnings front, notable companies reporting this week include Hewlett Packard Enterprise HPE -1.58% ▼ , Oracle ORCL -1.18% ▼ , Kohl’s KSS -3.51% ▼ , Dollar General DG -0.16% ▼ , Dick’s Sporting Goods DKS -2.46% ▼ , BioNTech BNTX -0.44% ▼ , UiPath PATH +2.68% ▲ , and Adobe ADBE +0.67% ▲ .

Notably, the U.S. 10-year Treasury yield was up, floating near 4.19%. WTI crude oil futures shot up to $103.05 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price traded around $5,096 per ounce on Monday.

Elsewhere, European indexes opened lower today amid Middle East risks and oil spikes.

Asia-Pacific Markets Trade Lower

Asia-Pacific markets fell on March 9 amid soaring oil prices, though losses moderated after Saudi Arabia offered about 4.6 million barrels through a pipeline to Yanbu on the Red Sea.

Hong Kong’s Hang Seng Index fell 1.35%. In China, the Shanghai Composite declined 0.67%, while the Shenzhen Component decreased 0.66%. Meanwhile, Japan’s Nikkei dropped 5.20%, with the Topix down 3.80%.

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