Pre-Market Update: Nasdaq Futures Drop as Oil Tops $100 and Inflation Data Looms

TLDR

• Nasdaq 100 futures fell as much as 1%, while Dow futures held near flat
• Oil prices climbed toward $104-$105 a barrel, pushing Treasury yields to 4.9%
• The Producer Price Index rose 5.4% year-on-year, in line with expectations
• The European Central Bank raised three key rates by 25 basis points
• Oracle is set to report earnings after the bell, with AI spending in focus

US stock futures split on Thursday morning as rising oil prices and fresh inflation data put pressure on markets. Nasdaq 100 futures dropped as much as 1%, while Dow Jones futures stayed roughly flat and S&P 500 futures dipped around 0.4%.

Oil has been the dominant story this week. Brent crude climbed above $105 a barrel, and WTI futures moved toward $100. The rally in oil is tied to the ongoing US-Iran war and disruptions in the Strait of Hormuz, which have raised fears of a wider energy shock.

President Trump said Wednesday that oil prices may not fall until after the midterm elections two months away. That comment did little to ease market concerns.

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