NEW YORK, July 8, 2026, 09:05 EDT
- U.S. index futures slipped ahead of the open. Nasdaq 100 futures dropped more than S&P 500 futures.
- Oil bounced, and fuel buyers took a bigger hit than the index numbers suggested.
- Premarket data showed energy producers up about 2.9% on average, while travel stocks were down by 3.3%.
- Traders are watching for Fed minutes later after officials kept rates at 3.50% to 3.75% at the June meeting.
U.S. markets were on a regular track for Wednesday. Premarket hours ended at 9:30 a.m. ET. Nasdaq’s 2026 holiday calendar shows the market will close July 3 for Independence Day, not July 8.
U.S. stock index futures dropped premarket after President Donald Trump called the Iran ceasefire “over.” The bigger market action was under the surface—traders were buying oil names and selling travel stocks. A group of seven listed energy firms gained an average 2.9% before the bell. Six airline and cruise names lost 3.3% on average. The spread was roughly 6.1 percentage points. Reuters
| Premarket basket | Stocks in basket | Average move |
|---|---|---|
| Energy producers | Chevron NYSE:CVX, Exxon Mobil NYSE:XOM, ConocoPhillips NYSE:COP, Devon Energy NYSE:DVN, Occidental Petroleum NYSE:OXY, APA Corp NASDAQ:APA, Diamondback Energy NASDAQ:FANG | up 2.9% |
| Travel and leisure fuel buyers | United Airlines Holdings NASDAQ:UAL, Southwest Airlines NYSE:LUV, Delta Air Lines NYSE:DAL, Carnival NYSE:CCL, Royal Caribbean Group NYSE:RCL, Norwegian Cruise Line Holdings NYSE:NCLH | down 3.3% |
| Energy-travel gap | — | 6.1 percentage points |
This matters for investors since the open wasn’t simply about a weaker market. Traders were reacting to a new input-cost shock. Stocks with oil exposure gained. Airlines, cruise names, and demand-sensitive stocks fell.
Futures quotes from about 8:36 to 8:46 a.m. ET showed the Dow, S&P 500, and Nasdaq 100 were all trading lower. The Nasdaq 100 dropped more, with the oil shock weighing on a market already under pressure from chip and AI risk.
| Contract | Last | Change | Change % | Quote time |
|---|---|---|---|---|
| E-Mini Dow YM00 | 52,769 | -428 | -0.80% | 8:42 a.m. ET |
| E-Mini S&P 500 ES00 | 7,510.25 | -41.00 | -0.54% | 8:36 a.m. ET |
| E-Mini Nasdaq 100 NQ00 | 29,188.00 | -203.50 | -0.69% | 8:46 a.m. ET |
| E-mini Russell 2000 RTY00 | 2,980.800 | -18.000 | -0.60% | 8:19 a.m. ET |
Oil was up on delayed MarketWatch data. West Texas Intermediate gained 3.95% and Brent rose 4.19%. Gold dropped 1.50%, showing a weaker safety bid than markets usually see after a geopolitical shock.
Fiona Cincotta, senior market analyst at City Index, called the Iran talks a “fragile peace process.” Aneeka Gupta, director of macroeconomic research at WisdomTree, said the news was a “big wake-up call for the markets” and pointed out the “oil waiver is gone.” Reuters
The selloff followed a weaker cash session on Tuesday. The S&P 500 dropped 0.45% to 7,503.85. The Nasdaq fell 1.16% to 25,818.69. The Dow Jones Industrial Average slipped 0.25% to 52,925.15 after hitting an intraday high.
Broadcom NASDAQ:AVGO slipped 0.7% before the bell, despite Apple NASDAQ:AAPL saying it intends to spend over $30 billion with the chipmaker. The iShares Semiconductor ETF NASDAQ:SOXX dropped 3%, adding to the tech slide that weighed on the Nasdaq Tuesday.
Fed minutes for June land later Wednesday. The Fed held its target range at 3.50% to 3.75% in its June 16-17 meeting. Investors now expect at least one hike this year after war-driven inflation from Iran shifted the outlook, Reuters said.
Related articles: NYSE:CVX
