Stock market today: Dow, S&P 500, Nasdaq futures sink while oil prices surge as Iran conflict rattles markets

Market Reactions - US stock futures fell sharply, with Dow Jones Industrial Average futures down 1% (over 500 points), S&P 500 futures down 1%, and Nasdaq 100 futures down 1.4% due to escalating Middle East conflict [1] - Airline, hotel, and defense stocks saw increases, with Lockheed Martin rising 7% and RTX also gaining [5] - Energy stocks surged, with New Fortress Energy shares up 15% and Equinor ASA shares rising 4% [6] Oil Price Movements - Brent crude futures surged 13% to over $82 per barrel, later moderating to around 10% increase, while West Texas Intermediate futures rose about 9% to just above $73 [3] - JP Morgan predicts oil prices could reach $120 per barrel if the conflict escalates, citing risks of supply disruptions and potential exhaustion of storage capacity among GCC oil producers [8] - Goldman Sachs estimates an $18 per barrel risk premium in crude oil prices due to the conflict, with potential for substantial price increases if supply disruptions persist [10] Gold and Safe-Haven Assets - Gold prices jumped to over $5,400 an ounce amid rising Middle East tensions, indicating a shift towards safe-haven assets [4][16] - Historical data from JP Morgan shows how gold prices have reacted during previous Middle East conflicts, suggesting a pattern of increased demand during instability [7] Economic Indicators - The upcoming monthly jobs report is anticipated, with economists expecting the US to have added 60,000 jobs in February, a decrease from January's 130,000 gain [4] - The market is adjusting expectations for interest rate cuts in light of potential inflationary pressures from rising oil prices [4]