Traders are gearing up for the initial sales of MDA Space Ltd on the New York Stock Exchange as morning trading commenced on March 12, 2026, in New York City. In the broader market, stock futures saw modest gains on Thursday night, as investors prepared for critical U.S. inflation data ahead of a volatile economic landscape driven by rising oil prices linked to escalating tensions in the Iran war.
Futures tied to the Dow Jones Industrial Average showed an increase of 73 points, or nearly 0.2%, while S&P 500 futures crept up by 0.1%. In contrast, the Nasdaq 100 futures dipped slightly by 0.05%. During the regular trading session on Thursday, all three major indices reached their lowest closing points for the year, with the Dow plummeting nearly 740 points, settling below the significant threshold of 47,000. The S&P 500 registered a decrease of 1.5%, indicating a challenging trading atmosphere.
The downward pressure on stocks was exacerbated by a sharp rise in oil prices following remarks from Iran’s new Supreme Leader, Mojtaba Khamenei, who stated that the Strait of Hormuz should remain closed as a strategic tool against adversarial pressures. This statement spurred a significant spike in crude oil prices, with West Texas Intermediate futures surging by 9.72% to settle at $95.73 per barrel, and Brent crude futures climbing by 9.22% to close at $100.46 per barrel—its first close above $100 since August 2022.
Market analysts, including Chris Toomey, managing director at Morgan Stanley Private Wealth Management, highlighted the multitude of challenges currently facing investors. “You’ve got the artificial intelligence buildout, you’ve got private credit, and this energy situation,” Toomey remarked during a segment on CNBC’s “Closing Bell.” He expressed particular concern over the energy crisis, noting that if the Strait of Hormuz remained impaired for an extended period, it could trigger serious economic ramifications.
The combination of soaring oil prices and growing inflation fears has also dampened expectations for potential interest rate cuts from the Federal Reserve this year. Investors are particularly keen on the upcoming release of January’s Personal Consumption Expenditures (PCE) price index—the Fed’s preferred inflation measure—scheduled for Friday morning. Analysts predict that the headline PCE will show a 0.3% month-over-month increase and a year-over-year gain of 2.9%. The core PCE, which discounts food and energy prices, is anticipated to rise by 0.4% for the month and 3.1% from the previous year.
As the trading week progresses, the three major averages are poised for losses, with the S&P 500 on track to decline by about 1%, the Dow heading for a 1.7% slide, and the Nasdaq down approximately 0.3% thus far. This challenging environment leaves traders and investors scrutinizing economic indicators closely as they navigate a landscape marked by potential pitfalls and uncertainty.
