Dow, S&P 500, Nasdaq Futures Rise Even As Oil Reclaims $100: Why META, MU, SOC, KRRO, USO Are On Traders’ Radar Today

• Oil climbed above $100, with Brent at $105 and WTI near $100, after U.S. strikes on Iran’s Kharg Island raised fears of supply disruptions through the Strait of Hormuz.
• Wall Street ended lower Friday, with the S&P 500 down 0.6%, the Nasdaq falling 0.9%, and the Dow slipping 0.3%.
• Allianz adviser Mohamed El-Erian warned the conflict could shift from short-term disruption to longer-term economic damage.

U.S. stock futures edged higher early Monday as investors monitored rising oil prices and escalating tensions in the Middle East after U.S. strikes on Iran’s Kharg Island intensified fears of supply disruptions through the Strait of Hormuz.

As of 10.10 p.m. ET, Nasdaq 100 and S&P 500 futures were up 0.5%, while Dow futures were up 0.4%.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) was ‘extremely bearish’ amid ‘high’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) was ‘bearish’ amid ‘high’ message volume, and sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bullish’ amid ‘high’ message volume.

US Market Drivers

Oil prices climbed early Monday as traders assessed the risk of further supply disruptions across the Middle East and the potential impact on crude shipments through the Strait of Hormuz, which carries about 20% of the world’s oil.

WTI crude rose about 1% to $100.06 a barrel, while Brent crude gained 2.2% to $105.37, extending gains after Brent settled above $100 per barrel last week for the first time since 2022.

In the previous session, U.S. equities closed lower:

Shipping traffic through the Strait of Hormuz has slowed sharply since the conflict began, forcing countries to look for alternative supply routes, with Goldman Sachs estimating that oil flows through the waterway have collapsed by about 97%. On Sunday, the International Energy Agency said oil from a record 400-million-barrel strategic stockpile release will be made available immediately in Asia to help offset disrupted Middle East supply.

Meanwhile, U.S. oil executives, including the chiefs of Exxon Mobil, Chevron and ConocoPhillips, reportedly warned Trump administration officials in recent meetings that disruptions in the Strait of Hormuz could keep global energy markets volatile and push prices higher, according to a Wall Street Journal report.

Mohamed El-Erian, chief economic adviser at Allianz, said the conflict is shifting from a short-term disruption toward potentially longer-lasting economic damage. “It was another turbulent week for the global economy, leaving financial markets with few safe havens,” El-Erian said, adding that the war’s consequences could move from temporary disruptions to deeper structural damage that may take months to repair once the conflict ends.

Investors are also watching Nvidia’s GTC conference, which begins Monday, and the Federal Reserve’s March 17-18 policy meeting, where policymakers are widely expected to keep interest rates unchanged.

Trending Stocks To Watch On NYSE, Nasdaq

Meta Platforms (META): Meta is reportedly considering layoffs that could affect 20% or more of its workforce as the company seeks to offset heavy spending on artificial intelligence infrastructure and prepare for efficiency gains from AI-assisted work.

Micron Technology (MU): Micron completed its acquisition of PSMC’s P5 site in Taiwan, adding existing cleanroom capacity and laying out plans to expand DRAM and HBM production to meet AI-driven demand.

Sable Offshore (SOC): Sable Offshore drew attention after the White House invoked the Defense Production Act to help restore offshore oil operations in California as the administration seeks to ease supply pressures tied to the war in Iran.

Oil stocks (USO, INDO, BATL, TPET, EONR): Oil stocks rose in overnight trading on Sunday as crude climbed back above $100 after U.S. strikes on Iran’s Kharg Island intensified fears of supply disruptions through the Strait of Hormuz.

Korro Bio (KRRO): Korro Bio drew attention after Cantor Fitzgerald raised its price target to $22 from $21 and Raymond James upgraded the stock to ‘Outperform’ with a $23 price target, while the company also filed to sell up to 7.65 million shares of common stock tied to its recent private placement.

How Global Markets Are Performing Today

In broader markets, the yield on the benchmark 10-year U.S. Treasury note was near 4.28%, while gold traded around $5,024 an ounce.

Economist Peter Schiff urged traders on X to "buy the dip," saying that "gold has pulled back to its $5K support level because investors don't understand how the war will actually accelerate the already existing global trend toward de-dollarization."

Asian markets opened on a weak note, with declines in Australia and Japan equities, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2% and the U.S. dollar edged lower against major peers.

Among Monday’s catalysts are the New York Empire State Manufacturing Index, industrial production and capacity utilization figures, the NAHB housing market index, and U.S. Treasury three- and six-month bill auctions.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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