Dow futures fall as index heads for worst week since October: Live updates

Stock futures fell Friday after equities extended their sell-off this week amid the war in Iran and spiking oil prices, while traders awaited new U.S. jobs data.

Futures tied to the Dow Jones Industrial Average lost 130 points, or 0.3%, reversing course from earlier gains. S&P 500 futures and Nasdaq 100 futures were down 0.4% and 0.5%, respectively.

Major stock averages declined on Thursday as worries ensued about the escalating U.S.-Iran conflict. The Dow lost nearly 785 points, or 1.6%, putting the index on track for its second negative week in a row and its worst week since last October. The S&P 500 fell about 0.6%, while the Nasdaq Composite dipped nearly 0.3%.

Oil prices oscillated Friday morning, as investors weighed the impact of the U.S.-Iran war on global energy supply. Overnight, the price of both Brent and West Texas Intermediate crude oil fell — but by 4:30 a.m. ET, prices were edging higher. The easing price rises had earlier helped lift sentiment in global markets, sending stocks in Europe and Asia higher in their final trading sessions of the week.

Crude prices are headed for their biggest weekly percentage gain since March 2022.

“Markets remain in risk‑off mode as worries grow about the duration of the conflict and potential disruptions to energy supply,” Angelo Kourkafas, senior global investment strategist at Edward Jones, said. He said that the spike in U.S. oil prices is adding to inflation concerns that could put consumer spending under pressure.

To be sure, Kourkafas added, “structural shifts have reduced U.S. vulnerability to oil shocks. Oil would likely need to remain above $100 for an extended period to meaningfully slow economic growth, in our view. The U.S. has been a net exporter of oil since 2019, and the economy is far less energy‑intensive than it once was.”

Friday brings traders a new market catalyst in the form of February’s nonfarm payrolls, due at 8:30 a.m. ET. Economists polled by Dow Jones are looking for growth of 50,000 jobs, down from the 130,000 payrolls added in January. They also expect the unemployment rate to hold steady at 4.3%.

This week, the S&P 500 is on pace to lose 0.7%, while the 30-stock Dow has fallen 2.1%. The tech-heavy Nasdaq has outperformed, heading for a gain of about 0.4%.