NEW YORK, April 13, 2026, 09:08 EDT
- Futures for the Dow, S&P 500, and Nasdaq slipped as Brent crude pushed past $102 a barrel and U.S. oil topped $104, following the breakdown of U.S.-Iran negotiations.
- Goldman Sachs topped first-quarter profit forecasts, yet shares slipped in premarket hours as inflation and rate concerns stayed front and center.
- Baker Hughes got a lift after sealing a deal, and Leggett & Platt moved higher too. Carnival, along with other travel stocks, remained weighed down by rising fuel costs.
U.S. stock futures slipped ahead of Monday’s session as oil surged past the $100 mark—a reaction to stalled U.S.-Iran peace talks over the weekend. Energy names rallied, but banks and travel stocks took a hit. As of 8:32 a.m. ET, Dow futures had dropped 1.06%, S&P 500 futures were off 0.63%, and Nasdaq 100 futures slipped 0.62%.
This shift comes right as a packed earnings week kicks off, with traders who were hopeful that last week’s ceasefire could settle nerves now facing fresh uncertainty. By Friday, around 10% of S&P 500 names will have reported, and the street is still looking for first-quarter profit growth near 14%. But with oil prices spiking again, the picture for margins, inflation, and rates is getting muddier.
Brent crude snapped higher, up 7.7% to $102.52 a barrel, with U.S. crude advancing 7.9% to $104.22. The jump followed word from the U.S. military that it would start blocking ships going in or out of Iranian ports at 10 a.m. ET. Wall Street’s so-called fear gauge, the VIX, moved up to 21.29, while the dollar strengthened.
Goldman Sachs kicked off earnings season beating profit forecasts, as investment-banking fees surged 48% and equity trading hit a record $5.33 billion. Yet the stock dropped roughly 4% before the bell. Peter Cardillo at Spartan Capital pointed out traders were shrugging off the earnings beat, staying fixated on sticky inflation, sluggish growth, and a Fed that doesn’t look ready to move.
Goldman CEO David Solomon described the global environment as “very complex.” Even so, the bank managed to ride a resilient deal wave: global M&A volumes hit $1.38 trillion for the quarter. Argus analyst Stephen Biggar pointed to “healthy” investment-banking dynamics, with big-ticket transactions driving activity. Morgan Stanley, JPMorgan, and Citigroup shares slipped in premarket trading. Reuters
Oil prices surged, and energy names like Exxon Mobil, Chevron, and ConocoPhillips climbed close to 2% ahead of the open. Cruise and airline stocks slipped. Carnival drew attention again—last month, the company slashed its annual profit guidance as fuel expenses spiked. Fitch’s John Kempf flagged that persistent high fuel costs would bite, even though bookings remain solid.
Baker Hughes climbed 1.6% on word it will offload Waygate Technologies to Hexagon in a cash deal valued around $1.45 billion. CEO Lorenzo Simonelli called it a move to zero in on “core strengths” and businesses with more growth potential—steps in Baker’s ongoing effort to shed non-core operations and ramp up activity in gas and cleaner-energy gear. Reuters
Shares of Leggett & Platt surged after Somnigroup signed on to acquire the company in an all-stock transaction valued at $2.5 billion. Instead of a cash payout, Leggett investors will get Somnigroup shares—0.1455 for every Leggett share they hold. If the deal wraps up by year-end, Leggett shareholders would end up with roughly a 9% stake in the merged entity.
Palantir climbed about 2% as buyers returned to a stock that took a beating last week amid fresh fears over nimble AI competitors. Replimune drew attention too: the FDA once more rejected its advanced melanoma therapy—a setback that’s forcing the biotech to slash jobs and shrink U.S. manufacturing. Jefferies analyst Andrew Tsai noted this means “one less competitor” for Iovance’s approved treatment. The Wall Street Journal
If the blockade holds to a limited scope and diplomatic talks pick up, markets might settle, though risks remain clear. Hasnain Malik at Tellimer noted traders are now facing a “wide range of plausible outcomes.” Morgan Stanley cautioned that oil supply disruptions could drag on for months, even if Hormuz shipping picks up again. Investors kept an eye on March’s existing home sales, comments from Fed Governor Stephen Miran, and a first batch of bank earnings, all hunting for any substance behind last week’s rebound. Reuters
