Dow, S&P 500, Nasdaq Futures Slip On Oil Spike, Inflation Shock, Fed Signals: Why MU, BOIL, DJT, VG, PDYN Are Trending After-Hours

• The Dow hit a fresh 2026 low and closed below its 200-day moving average, while the S&P 500 logged its worst Fed-day performance since December 2024.
• Markets were pressured by a stronger-than-expected PPI reading, a cautious Federal Reserve outlook and escalating Middle East tensions that pushed Brent crude above $110.
• Treasury yields rose, gold held near $4,835, and Asian markets opened lower on Thursday.

U.S. stock futures drifted lower Wednesday night after a brutal Fed-day rout wiped out hundreds of billions in market value, with investors rattled by inflation risks and a sharp spike in oil prices.

As of 9 p.m. ET, S&P 500 futures were down by 0.1%, while Nasdaq 100 and Dow futures were down 0.2%.

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

US Market Drivers

In the prior session, U.S. equities saw broad-based losses, with the Dow hitting a fresh 2026 low and closing below its 200-day moving average, while the S&P 500 logged its worst Fed-day performance since December 2024:

The sell-off followed a stronger-than-expected producer price index reading, which rose 0.7% in February, well above estimates, signaling that inflation pressures were already building even before the latest geopolitical escalation.

The Federal Reserve kept interest rates unchanged in the 3.5% to 3.75% range, while projecting one rate cut this year. However, policymakers raised their inflation outlook and acknowledged that developments in the Middle East add uncertainty to the economic trajectory.

Fed Chair Jerome Powell said rising energy prices could increase inflation in the near term and that it remains too early to assess the full economic impact of the conflict. 

Geopolitical risks intensified after attacks on key energy infrastructure across the Middle East, including damage to Qatar’s Ras Laffan LNG facility, one of the world’s largest export hubs. Iran also signaled potential strikes on energy assets in Saudi Arabia, the UAE and Qatar, raising concerns about further supply disruptions.

Oil prices surged in response, with Brent crude climbing above $110 per barrel and U.S. crude nearing $100, extending gains after rising roughly 50% since the start of the conflict. 

Mohamed El-Erian said on X that recent developments point to a world of “more frequent and more violent shocks,” adding that policymakers are still assessing the combined impact of inflation, labor market data and geopolitical risks.

Veteran NYSE trader Peter Tuchman called the session on X a “wild and crazy day,” noting the S&P 500 lost over $800 billion in market value and about $2.3 trillion over the past month.

Trending Stocks To Watch On NYSE, Nasdaq

Micron Technology (MU): Shares fell over 4% in extended trading after the chipmaker reported strong quarterly results, as investor concerns around elevated capital spending weighed on sentiment.

ProShares Ultra Bloomberg Natural Gas (BOIL): The ETF rose about 8% on Wednesday following reports the Trump administration may ease summer gasoline regulations to help curb energy prices.

Trump Media & Technology Group (DJT): Shares declined around 7% on Wednesday, marking their worst session in a month, as broader market weakness deepened following the Federal Reserve’s policy decision and escalating geopolitical tensions tied to the Iran conflict.

Venture Global (VG): Shares jumped 14% to their highest level in over five months and rose a further 4% in extended trading after Worley said it received a full notice to proceed from Venture Global for Phase 2 of its CP2 LNG export project following a final investment decision.

Palladyne AI (PDYN): Shares fell about 7% to a one-month low despite the company announcing a U.S. Navy contract to develop near-hypersonic, long-range missiles.

How Global Markets Are Performing Today

In broader markets, treasury yields moved higher, with the 10-year yield holding above 4.2% and the two-year yield rising to around 3.77%. Gold hovered near $4,835 an ounce.

Asian markets opened lower, with declines in Australia and Japan.

Among the catalysts for Thursday are initial jobless claims, the Philadelphia Fed manufacturing survey, wholesale inventories data, and new home sales.

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

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