Stock futures are little changed as S&P 500 creeps closer to correction territory: Live updates

U.S. stock futures slipped on Monday night as oil prices resumed their ascent in overnight trading.

Futures tied to the S&P 500 slipped 0.4%, while Nasdaq 100 futures lost 0.7%. Dow Jones Industrial Average futures declined 145 points, or 0.3%.

Oil prices rose in extended trading after Bloomberg reported that Iran struck a Kuwaiti oil tanker in Dubai waters. The Dubai government’s media office said in a post on X that no injuries were reported and that “the safety of all 24 crew members has been secured.” Brent crude futures climbed 2% and West Texas Intermediate futures advanced 3%.

In Monday’s regular session, the S&P 500 slipped 0.39%, posting its third losing session in a row, while the Nasdaq Composite fell 0.73%. The 30-stock Dow bucked the trend with its gain of 49.50 points, or 0.11%.

The S&P 500’s Monday losses put it just over 9% off its closing high and were driven by declines in the technology sector, which slid more than 1%. But Art Hogan, chief market strategist at B. Riley Wealth Management, said that the recent pullback may reflect a typical market reset rather than anything out of the ordinary.

“There’s a couple of narratives going on, but I think long term investors should keep in mind that 10% corrections are normal. They happen all the time. On average, every two years we have a 10% correction,” he said to CNBC. “It’s also important for investors to understand that the volatility in equities is the price you pay for the higher longer-term returns.”

Hogan added: “We’ve had a smattering of positive days when there’s some whiffs of good news.”

Several different factors on Monday reflected the ongoing geopolitical tensions in the Middle East. The CBOE Volatility Index, Wall Street’s fear gauge, topped 30 during the session, while U.S. oil prices also rose to kick off the week.

On the other hand, markets received some good news that the Middle East war could soon come to a conclusion, with President Donald Trump writing in a Truth Social post that “great progress has been made” regarding the United States’ “serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran.” On Sunday, Trump shared that tensions have eased in the form of Iran accepting most of the U.S.’ 15-point plan to end the war, with the country allowing an additional 20 oil ships to cross the Strait of Hormuz.

Fed Chair Jerome Powell also delivered some relief to investors, saying on Monday that he sees the current inflation outlook in check and there is no need at this time for any interest rate hikes.

On Tuesday, traders will watch for March’s consumer confidence index and February’s JOLTS job opening numbers.

Correction: An earlier version said that the three major averages declined in Monday’s session. Only the S&P 500 and the Nasdaq Composite booked losses.