Global Market Volatility and Rising Oil Prices Impact Stock Futures

Stock futures are pointing lower ahead of the open following another volatile session in global markets where oil extended its surge amid concerns that disruptions around the Strait of Hormuz could intensify. Markets are trading cautiously as rising oil prices tied to continued attacks on shipping in the Persian Gulf weigh on global risk sentiment.Energy remains the dominant macro driver for markets. Crude prices have repeatedly pushed back toward the $90-$100 range this week despite efforts by governments and the International Energy Agency to stabilize the market through a large, coordinated release of strategic reserves.At the same time, the latest U.S. inflation data showed consumer prices rising 0.3% in February, largely in line with expectations, with gasoline costs beginning to move higher as the geopolitical conflict drives energy prices upward. While the report does not dramatically change the Federal Reserve outlook on its own, the concern among investors is that sustained energy inflation could push future readings higher and complicate expectations for rate cuts later this year.In pre-market trading, S&P 500 futures fell 0.68%, Nasdaq futures fell 0.65% and Dow futures fell 0.84%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -FireFly Aerospaceup 18% after announcing the successful launch of its Alpha Flight 7 Stairway to Seven missionHims & Hersup 5% as the recent rally in shares continuesAtlassianup 1% after reporting a restructuring that results in the elimination of certain roles, impacting approximately 10% of the company's workforceUP AFTER EARNINGS -Bumbleup 24%Dick's Sportingup 5%DOWN AFTER EARNINGS -Netskopedown 19%TIC Solutionsdown 13%UiPathdown 11%Dollar Generaldown 5%