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US stock futures tumbled on Friday as oil prices jumped amid fresh fears about a hit to supply from the expanding Middle East conflict, in the wait for the release of the latest key monthly jobs report.
Dow Jones Industrial Average futures (YM=F) sank 0.5% after another volatile and losing session on Thursday. Meanwhile, contracts on the S&P 500 (ES=F) fell 0.6%, and those on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.8%.
Oil prices climbed after Qatar’s energy minister predicted the war on Iran will force Gulf exporters to shut off production within days and warned it could spur prices to $150 a barrel. West Texas Intermediate (CL=F) futures rose almost 4% to top $84, while international benchmark Brent (BZ=F) crude futures were up 2% above $87. Both are set for their biggest weekly surge in four years as tanker traffic in the Strait of Hormuz remains at a near-standstill.
Friday’s gains challenge President Trump’s push to put the brakes on the oil rally, which saw the US award India a temporary waiver to buy Russian crude. Concerns are rising about a reheating of inflation, with US gas prices at the pump hitting their most expensive since 2024.
The February jobs report due later will focus attention on the other side of the Federal Reserve’s dual mandate, the labor market. Economists expect the nonfarm-payrolls reading to show the US added 55,000 jobs, with a big shortfall seen as potentially making a case for interest-rate cuts. The unemployment rate is seen as unchanged at 4.3%.
After a switchback week, the S&P 500 (^GSPC) is on track for a weekly decline, while the Dow (^DJI) has fallen over 2% and breached negative territory for 2026. The Nasdaq Composite (^IXIC) may buck the trend and eke out a small weekly gain.
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Premarket trending tickers: Gap, NCR, and Guidewire
Gap (GAP) stock fell 6% before the bell on Friday after the retailer missed Wall Street estimates for its fourth quarter earnings.
NCR Atleos Corporation (NATL) stock fell 8% during premarket hours after it asked holders of its 9.500% 2029 notes to approve amendments that prevent its planned merger with The Brink’s Company from triggering a “change of control” clause.
Guidewire Software (GWRE) stock rose 4% before the bell on Friday after raising its full-year revenue guidance following the release of its second quarter results.
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Qatar warns war will force Gulf to stop energy exports ‘within days’
In an exclusive interview with the Financial Times (FT), Qatar’s energy minister has warned that the conflict in the Middle East could “bring down the economies of the world.” Saad al-Kaabi told the FT that all Gulf energy exporters would shut down production with days and this will drive up the price of oil to $150 a barrel.
The FT reports:
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Marvell beats Q1 revenue estimates on AI data center chip demand
Marvell Technology (MRVL) on Thursday reported better-than-expected first quarter revenue of around $2.4 billion, beating the $2.27 billion analysts estimated, according to LSEG data. The company said increased adoption of AI tools by enterprise clients is driving demand for the custom chips that power data centers.
Marvell stock jumped 11% in premarket trading on Friday.
Reuters reports:
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Chinese markets weather Iran war turmoil better than Asian peers
Bloomberg reports:
Chinese markets have held up better than their Asian peers during the global market sell-off caused by the war in Iran.
Onshore stocks have fallen around 1% this week, compared with a more than 6% decline across Asian markets, even as analysts warn about the war’s impact on the region, including for China, a major oil importer.
The yuan posted the smallest drop against the dollar among major Asian currencies, and Chinese sovereign bonds have also outperformed major peers amid the sell-off.
In a week marked by mounting geopolitical risks and sharp swings across global markets, Chinese assets have emerged as a comparatively stable corner within Asia. This reflects a mix of factors, including Beijing’s emphasis on policy continuity and economic support at the National People’s Congress.
China’s equity markets can serve as “a shelter for global investors seeking diversification during global political instability,” while also offering exposure to the country’s artificial intelligence push, said Marco Sun, chief financial markets analyst for China in MUFG Bank’s global markets division.
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February jobs report on deck: Here’s what to expect
Is the labor market stabilizing or sliding backward after last year’s onslaught of dismal data? On Friday morning, all eyes will be on February’s jobs report for clues when it’s released at 8:30 a.m. ET.
Yahoo Finance’s Emma Ockerman takes a look at what investors will be looking out for:
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Softbank seeks loan of $40 billion in OpenAI investment
Reuters reports:
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Anthropic ready for legal battle with Pentagon over blacklist
Bloomberg reports:
