U.S. stock futures were down ahead of Wednesday’s session after a turbulent trading day as investors continued to react to surging oil prices and Middle East tensions. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average ($DJIA), and the S&P 500 Index (SPX) were down 0.95%, 0.54%, and 0.69%, respectively, at 1:24 a.m. EST on March 4.
Brent crude prices extended a four-day rally, rising 2.65% to $83.6 per barrel on Wednesday, hovering near the highest level since January 2025. U.S. West Texas Intermediate (WTI) crude also climbed for a third straight session to $76.45.
The gains come as Iran’s Revolutionary Guard said it has taken control of the Strait of Hormuz and warned ships not to pass, which has largely stopped tanker traffic through the key global oil route.
In the regular trading session, all three major indices ended lower as the Middle East conflict escalated, though losses eased after President Trump said the U.S. Navy would escort tankers through the Strait of Hormuz if needed. Overall, the Nasdaq, the S&P 500, and the Dow Jones fell 1%, 0.9%, and 0.8%, respectively.
Looking ahead, traders await the release of the ADP private payrolls report, with forecasts calling for 48,000 jobs added in February, up from 22,000 in January. Also, earnings from Abercrombie & Fitch ($ANF), Broadcom ($AVGO), Rigetti ($RGTI), and Okta ($OKTA) are scheduled for release on Wednesday.
