NEW YORK, March 9, 2026, 08:40 EDT
U.S. stock futures slid early Monday, with oil climbing close to $120 a barrel and reigniting inflation worries as the Middle East conflict stretched into day ten. By 6:43 a.m. ET, Dow E-minis had dropped 1.18%, while S&P 500 futures were off 1.05% and Nasdaq 100 futures shed 1.13%. Premarket action saw travel and bank names in the red, energy stocks notched gains, and traders dialed back bets on earlier Fed rate cuts, pushing expectations further out.
Rough timing for the markets. Friday’s jobs data landed with the U.S. shedding 92,000 jobs in February, and unemployment ticking up to 4.4%. For investors, that’s a stagflation alarm—sluggish growth, inflation refusing to budge. “You can’t sugarcoat this report,” said Brian Jacobsen, chief economist at Annex Wealth Management. He put it bluntly: the Fed is “stuck between a rock and a hard place.” Reuters
Pressure is spreading fast. Brent crude spiked to $119 for a moment, while the VIX, Wall Street’s widely watched fear index, jumped to 35—levels last seen in April 2025—as investors dumped risk and snapped up dollars.
That’s the real reason oil’s impact outweighs a simple futures bump. IMF Managing Director Kristalina Georgieva estimated that if oil climbs 10% and stays elevated most of the year, global inflation could pick up by about 0.40 percentage point. Her warning for policymakers: “think of the unthinkable and prepare for it.” Reuters
Governments are scrambling to blunt the impact. According to a French government source, G7 finance ministers will talk Monday about a joint release of emergency oil reserves. U.S. fuel prices have surged, now topping $3 per gallon.
Investors won’t have to wait long for the next set of data. The Consumer Price Index, or CPI, lands Wednesday, according to the official calendar. Friday brings a packed slate: the Commerce Department will issue its second read on fourth-quarter GDP alongside January figures for personal income and outlays, which include the Fed’s favored inflation metric — the Personal Consumption Expenditures price index. Also due, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS.
Hims & Hers shares surged over 50% premarket following a Bloomberg News scoop that Novo Nordisk is set to distribute its weight-loss drugs via the telehealth company’s platform. Leerink’s Michael Cherny described the development as “both a surprise and an unabashed positive.” Barclays, for its part, cautioned that any partnership might squeeze margins compared to Hims’ compounded products. Reuters
GE Aerospace added some weight on the industrial side. The company announced plans to put another $1 billion into U.S. manufacturing facilities and suppliers this year, aiming to ramp up engine deliveries. “Maintaining U.S. aerospace leadership requires sustained investment,” Chief Executive Larry Culp said. The initiative is expected to help support roughly 5,000 jobs, according to GE. Reuters
Still, oil prices may end up dictating the open. UBS’s Giovanni Staunovo called emergency stockpile releases just a “drop in the ocean” if the Strait of Hormuz remains shut for an extended spell. It’s a view echoed by Muyu Xu at Kpler, who says the market has all the makings of a “perfect storm.” In short, a brief pullback in crude might help stabilize equities, but if supply disruptions drag on, expect continued margin pressure, stubborn inflation, and more headaches for the Fed. Reuters
