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US stock futures tumbled on Friday as the key monthly jobs report surprised to the downside and oil prices jumped amid fresh fears about a hit to supply from the expanding Middle East conflict.
Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) fell roughly 1.3% each after another volatile and losing session on Thursday. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell a steeper 1.6%.
The February jobs report showed nonfarm payrolls unexpectedly fell by 92,000, widely missing expectations that the US would add 55,000 jobs in the month. The unemployment rate also rose to 4.4%.
Meanwhile, 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. At the same time, The Wall Street Journal reported that Kuwait has begun cutting production. President Trump said Friday that the only path to resolution in Iran is “UNCONDITIONAL SURRENDER.”
West Texas Intermediate (CL=F) futures rose over 8% to top $87.50, while international benchmark Brent (BZ=F) crude futures gained 5.3% to trade near $90. Both are set for their biggest weekly surge in five years as tanker traffic in the Strait of Hormuz remains at a near-standstill.
Friday’s gains challenge 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 level since 2024.
After a switchback week, the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) look on track for weekly declines while the Dow (^DJI) has fallen over 2% and breached negative territory for 2026.
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US equity futures turn sharply red after jobs report shows 92,000 jobs lost in February
Futures on the US equity market remained sharply lower after US payrolls data from the Bureau of Labor Statistics showed that the US lost 92,000 jobs in February — far below consensus estimates of 50,000 jobs added.
Futures on the S&P 500 (ES=F) and Dow Jones Industrial Average (YM=F) sank roughly 0.7% each after another volatile and losing session on Thursday. Contracts on the tech-heavy Nasdaq 100 (NQ=F) recorded the steepest drop at roughly 1%.
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The US lost 92,000 jobs in February, far below expectations of 55,000 jobs added
The US economy lost 92,000 jobs in February, according to data released by the Bureau of Labor Statistics on Friday, deeply underperforming consensus expectations of 55,000 and weighing on a US market already under stress.
The unemployment rate ticked up to 4.4% from January’s 4.3%. Economists had expected 4.3% for February.
The loss comes as a massive swing after the BLS’s January jobs report reported 130,000 jobs added, which was a massive overperformance. The BLS today revised January’s numbers down to 126,000 jobs added.
Notably, healthcare employment declined by 28,000 in February following a large increase in January of 77,000 jobs added, while physicians’ offices lost 37,000 jobs in February. The BLS attributed this turnaround in healthcare jobs to a large labor strike at Kaiser Permanente in February.
In the private sector, US private employers added 63,000 roles in February, beating expectations in the best monthly gains since July, according to the private payroll processor ADP. Economists surveyed by Bloomberg had expected an increase of 50,000 in February, an improvement from the previous month’s lackluster gain of 22,000 roles, which was revised even lower Wednesday to 11,000 positions.
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US oil prices cross $86 for the first time in 2 years
Oil prices continued to climb on Friday morning as the Strait of Hormuz remained virtually closed, with only a handful of energy vessels passing through the vital passage in recent days.
Futures on Brent crude (BZ=F), the international pricing benchmark, rose by more than 4% to trade above $89. US benchmark West Texas Intermediate crude (CL=F) gained more than 6% to trade above $86.
US oil hit its highest level since March 2024 amid supply concerns, prompting the US Treasury Department to take actions to try and ease prices. Treasury Secretary Bessent said the US will issue a waiver allowing India to buy Russian oil stranded at sea.
Bloomberg reports:
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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 9.50% 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 within 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:
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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:
