The Dow is down 424 points, as reality sets in that the Iran conflict could last
Futures on the Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are once more subjected to whiplash oil prices. Dow futures are pointed more than 420 points in the red, even after President Donald Trump last night announced the release of 172 million barrels of oil from the U.S.' strategic reserve. Nevertheless, front-month crude continued its climb, last seen at $91 per barrel.
Elsewhere, the International Energy Agency (IEA) slashed its forecast for oil-supply growth in 2026, as all signs point to an extended conflict in the Middle East. Jobless claims for the week came in at 213,000, just shy of the 215,000 estimate. January building permits fell 5.4% to an annual rate of 1.38 million, missing estimates of 1.41 million.
- Options bears are blitzing this small-cap ETF.
- Revisiting the fallout from Oracle earnings.
- Plus, fertilizer stocks stay hot; PATH extends slump; and a drone maker inks a deal.
5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 1.9 million call contracts and 1.5 million put contracts traded on Wednesday. The single-session equity put/call ratio spiked to 0.80 -- its highest level since Aug. 8 -- while the 21-day moving average remained at 0.59.
- CF Industries (NYSE:CF) stock is 5% higher ahead of the open, with the fertilizer stock extending torrid run since the onset of the Iran conflict. Fertilizer shipments are facing disruption through the Strait of Hormuz, putting a strain on agricultural costs. CF is up 20% in March alone and now 55% in 2026, hitting a record high of $121.80 on March 9.
- UiPath Inc (NYSE:PATH) stock is down 7.6% before the open, after the software automation company's fiscal-year growth overshadowed a top-line beat for the fourth quarter and $500 million stock buyback program. Five brokerages chimed in with price targets, while Needham raised its rating to "buy" from "hold." PATH was already nursing a 24.4% year-to-date deficit ahead of today.
- The shares of Ondas Inc (NASDAQ:ONDS) are 2.5% higher in electronic trading, after the drone tech company announced a strategic partnership with Palantir Technologies (PLTR). ONDS has added 1,258% in the last 12 months, and is building some separation from its year-to-date breakeven level today.
- Four stocks worthy of an award right now.
Black Gold Weighs on Asian Bourses
A volatile crude market pressured Asian stocks lower today. Japan’s Nikkei shed 1%, Hong Kong’s Hang Seng lost 0.7%, China’s Shanghai Composite fell 0.1%, and South Korea’s Kospi dropped 0.5%.
European stocks are more mixed today. France’s CAC 40 was last seen down 0.3%, brushing off a post-earnings sure from Italian defense giant Leonardo. Banking name HSBC weighed on U.K. markets after it decided to close its branches in Qatar until further notice, with London’s FTSE 100 was last seen off 0.2%. Germany’s DAX is flat at 0.06%.