Updated Mon, Mar 9 2026 7:23 AM EDT

Dow futures tumble nearly 600 points as oil tops $100 a barrel, raising stagflation fear: Live updates

Sean ConlonAlex Harring


Traders work on the floor of the New York Stock Exchange on March 5, 2026.
Spencer Platt | Getty Images

Stock futures plunged to start the week as U.S. oil topped $100 a barrel, raising concern about a stagflationary environment for the U.S. economy of rising inflation and slowing growth. The Dow Jones Industrial Average is coming off its biggest weekly slide in nearly a year.

Futures tied to the Dow fell 595 points, or 1.25%, paring earlier losses of more than 1,000 points. S&P 500 futures lost 1.2% and Nasdaq 100 futures dropped 1.3%. The Cboe Volatility index — Wall Street's fear gauge measuring investors seeking protection in the options market — topped 30 for the first time since the market's tariff driven sell-off of last April.

West Texas Intermediate crude jumped nearly 13% to $102.45 per barrel, its first time above the $100 level since 2022 when investors were reacting to the aftermath of Russia's invasion of Ukraine. Oil prices rose above $119 at one point in overnight trading. International benchmark Brent crude added almost 13% to reach $104.63 a barrel. U.S. oil prices began the year below $60 a barrel.

Oil futures jumped after major Middle East producers slashed their output due to the continued closure of the key Strait of Hormuz passageway. Kuwait announced cuts but did not say by how much, while Iraq has reportedly seen its production fall 70%.

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