Stock Futures Modestly Lower as Energy Prices Rise
Stock futures are modestly lower ahead of the open, indicating a weaker start. The move follows another sharp decline in the prior session, where the S&P 500 fell more than 1% and the Nasdaq dropped over 2%, moving into correction territory.The primary driver remains energy. Oil prices are rising again, with Brent crude trading above $110 per barrel. Although prices are on track for a slight weekly decline, they remain significantly elevated due to ongoing supply disruptions tied to the Iran conflict.That persistence in elevated oil prices is continuing to feed into broader market conditions. Treasury yields are climbing, with the 10-year approaching the mid-4% range, and rate expectations have shifted meaningfully. Markets that previously anticipated rate cuts are now pricing in the possibility of further tightening, reflecting concern that the energy shock could keep inflation elevated.In pre-market trading, S&P 500 futures fell 0.45%, Nasdaq futures fell 0.67% and Dow futures fell 0.39%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -AstraZenecaup 4% after announcing tozorakimab met the primary endpoint in OBERON and TITANIA trialsUP AFTER EARNINGS -Newsmaxup 12%Arganup 10%Legenceup 9%BioXcel Therapeuticsup 3%DOWN AFTER EARNINGS -Humacytedown 7%P3 Health Partnersdown 6%Autolus Therapeuticsdown 4%Laird Superfooddown 4%LOWER -Two Harborsdown 1% after entering into a definitive merger agreement pursuant to which CrossCountry will acquire all of the outstanding shares of Two Harbors common stock for $10.80 per share in cash
