Stocks Slip Before the Open as Middle East Conflict Lifts Oil, U.S. Economic Data on Tap

Market Overview - Wall Street's three main equity benchmarks closed mixed, with Fair Isaac (FICO) slumping over -9% after announcing plans to sell $1 billion in senior notes due 2034 [1] - Most software stocks, including Atlassian Corp. (TEAM) and Workday (WDAY), fell more than -3% [1] - Campbell's Co. (CPB) sank over -7% after posting weaker-than-expected FQ2 results and cutting its full-year guidance [1] - Oracle (ORCL) climbed more than +9% after posting upbeat FQ3 results and raising its fiscal 2027 revenue guidance [1] Economic Data and Forecasts - Fitch Ratings analysts expect global economic growth to remain steady this year, contingent on the current oil price shock being temporary [2] - If oil prices reach $100 per barrel and remain there, global GDP could be 0.4% lower after four quarters, with inflation in Europe and the U.S. rising by up to 1.5 percentage points [2] - The International Energy Agency (IEA) reported that the conflict is affecting 7.5% of global oil supply, with supply growth now expected to be only 1.1 million barrels per day, down from a previous forecast of 2.4 million barrels [3] Oil Market Dynamics - WTI crude prices rose more than +7% due to concerns over the Middle East conflict disrupting energy markets [4] - Iraq halted operations at its oil terminals following attacks on foreign tankers, further escalating supply concerns [4] - The U.S. Bureau of Labor Statistics reported a +0.3% month-over-month rise in consumer prices for February, with annual headline inflation at +2.4% [6] Stock Movements and Earnings - Pre-market trading saw UiPath (PATH) slide over -5% due to a forecasted slowdown in revenue growth [16] - Bumble (BMBL) jumped over +23% after better-than-expected Q4 revenue and solid Q1 guidance [17] - Energy stocks advanced in pre-market trading, with Occidental Petroleum (OXY) and APA Corp. (APA) up more than +1% [18] International Market Reactions - The Euro Stoxx 50 Index fell -0.51% as oil prices continued to rise amid the Middle East conflict, impacting economically sensitive bank stocks [11] - Japan's Nikkei 225 Index closed lower, with Prime Minister Sanae Takaichi announcing the release of 80 million barrels from strategic reserves to cushion global disruptions [14] - China's Shanghai Composite Index closed slightly lower, but the economy is expected to be less affected by the conflict due to its diversified energy sourcing [13]