Dow Jones Futures Fall; Crude Oil Prices Top $90 On Tanker Attacks, Port Disruption

2026-03-20 02:15:39

Dow Jones futures fell early Thursday, along with S&P 500 futures and Nasdaq futures. Crude oil prices came off overnight highs somewhat.

The stock market was narrowly mixed Wednesday as oil prices rose even as the International Energy Agency proposed a record reserves release from member nations. AI stocks had another solid performance, buoyed by strong Oracle (ORCL) earnings and guidance as well as Nvidia (NVDA) investment in cloud-computing provider Nebius (NBIS).

				    ↑
					X

This video file cannot be played.(Error Code: 102630)

								Hundreds Of Billions In AI Investments Now Sit In A War Zone. What Happens Next?
							

							

								See All Videos
							

						

					
					
						NOW PLAYING
						Hundreds Of Billions In AI Investments Now Sit In A War Zone. What Happens Next?

Nebius stock flashed a buy signal Wednesday. Nvidia chipmaker Taiwan Semiconductor Manufacturing (TSM), server and storage giant Dell Technologies (DELL) as well as memory plays Western Digital (WDC) and Seagate Technology (STX) are actionable or nearly so.

Nvidia stock and Taiwan Semiconductor are on Leaderboard, with Dell on the Leaderboard watchlist. Taiwan Semiconductor stock is on the IBD 50.

Dow Jones Futures Today

Dow Jones futures declined 0.75% vs. fair value. S&P 500 futures lost 0.6% and Nasdaq 100 futures fell 0.6%. Futures had been down over 1% overnight but they’re weakening again.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

IBD Newsletters

Get exclusive IBD analysis and actionable news daily.

		SIGN UP NOW!

IBD Newsletters

Get exclusive IBD analysis and actionable news daily.

										*   							
								How To Invest								
								
							
						
										*   							
								Market Prep								
								
							
						
										*   							
								Tech Report

Please enter a valid email address

Please select a newsletter

GO

Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use

Thank You!

You will now receive IBD Newsletters

			ALL DONE!

Something Went Wrong!

Please contact customer service

			CLOSE

Crude Oil Prices Jump On Tanker Attacks, Shrug Off Reserves Release

U.S. crude oil futures leapt more than 6% to nearly $93 a barrel after spiking to $95 overnight. That’s after jumping 4.55% to $87.25 a barrel on Wednesday.

Iraq said Wednesday night that two oil tankers were attacked in the country’s waters, spurring the nation’s oil terminals to halt operations. Oman halted operations at a key oil-export terminal — one of the last places for oil tankers to load Persian Gulf crude for global markets — for hours before resuming.

That underscored the difficulty of Gulf oil operations and traffic resume.

Energy Secretary Chris Wright said the U.S. Navy is “not ready” to escort tankers through the Strait of Hormuz yet but should be able to by the end of the month. Earlier this week, Wright briefly erroneously claimed that a tanker had been escorted through the Strait.

On Wednesday, the IEA proposed that member nations release 400 million barrels of crude and petroleum products from reserves, more than double the previous record release. As part of that move, the U.S. will release 172 million barrels of crude.

But the news had been expected. Keep in mind that oil prices had tumbled from near $120 Sunday night as reserves release buzz first appeared.

Still, releasing reserves will provide temporary relief on global supplies. But the Strait of Hormuz still needs to open soon to prevent further production shutdowns and widespread global shortages, with huge economic implications.

Futures: Indexes Dive As Oil Soars; Dell, Micron Lead 7 Stocks To Watch

Stock Market Rally Attempt

For a second straight session, the Nasdaq eked out a slim gain while the other key indexes fell slightly to modestly.

The Dow Jones Industrial Average fell 0.6% in Wednesday’s stock market trading. The S&P 500 index dipped 0.1% and the Nasdaq composite edged up 0.1%, both hitting resistance at their 21-day lines. The small-cap Russell 2000 declined 0.2%.

The Invesco S&P 500 Equal Weight ETF (RSP) fell 0.3%, dropping a little further from its 50-day line.

Wednesday marked day three of a stock market rally attempt, so a follow-through day could come as soon as Thursday, confirming the rally. But with the market making big up-and-down swings, a FTD could happen without really breaking the sideways pattern.

The 10-year Treasury yield leapt seven basis points to 4.21%, the highest close in more than a month.

ETFs

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) edged up 0.1%, with Oracle a notable holding. The VanEck Vectors Semiconductor ETF (SMH) climbed 0.9%. Nvidia and Taiwan Semiconductor are huge SMH positions.

ARK Innovation ETF (ARKK) gained 0.25% and ARK Genomics ETF (ARKG) declined 0.9%.

SPDR S&P Metals & Mining ETF (XME) rose 0.7%. The Energy Select SPDR ETF (XLE) popped 2.5% and the Health Care Select Sector SPDR Fund (XLV) dipped 0.2%. The Industrial Select Sector SPDR Fund (XLI) declined 0.3%. The Financial Select SPDR ETF (XLF) fell 0.8%.

Best Growth Stocks To Buy And Watch

Oracle, Nvidia AI News

Oracle stock jumped 9.2% as strong earnings and guidance eased fears about its leveraged AI data center bets. ORCL stock, still in a sharp downtrend, hit resistance at its 50-day line.

Nvidia will invest $2 billion in cloud-computing play Nebius. It’s the latest in a series of circular deals in which the AI giant buys a stake in companies, which in turn buy Nvidia gear. Nvidia stock edged up 0.7% to 186, just clearing its 50-day line. NVDA stock has a 212.19 consolidation buy point, according to MarketSurge. Investors could use 197.63 as an early entry.

Nebius stock shot up 16.15% to 112, clearing short-term highs within a deep consolidation, offering an aggressive entry. Other data center providers also rallied.

Nvidia holds its annual GTC event (formerly called GPU Technology Conference) next week, with CEO Jensen Huang set to give a keynote address on Monday.

Micron Technology (MU) earnings are due March 18, with big implications for memory plays especially, but also for chips and AI generally.

Other AI Stocks

Taiwan Semiconductor stock climbed 2.15% to 354.56, moving further off its 50-day line but hitting resistance at its 21-day line.

Seagate stock edged up 0.4% to 385.97, hitting resistance at its 21-day line for a second straight session. The hard-drive maker reclaimed its 50-day line on Monday.

Seagate rival Western Digital gained 1% to 268.81, moving off its 21-day line. Investors could use the 21-day as an entry from the 50-day line, or Tuesday’s intraday high of 280.75. WDC stock still has a three-weeks-tight entry of 309.90.

Dell stock rose 2.5% to 147.38, working on a 153.72 buy point from a cup-with-handle base. Shares broke the downtrend of the handle with Wednesday’s high of 149.47 now serving as an early entry. The handle formed following Dell’s post-earnings jump at the end of February.

What To Do Now

While the Iran war has created volatility and headlines, the stock market hasn’t been able to sustain any kind of upside momentum for several months.

AI stocks have had a good week, but sector moves also haven’t lasted. Nvidia and Micron news reports next week loom large.

Choppy markets chop up investors. Rather than force the issue, investors should largely be in cash, patiently preparing for the next market rally.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Why This IBD Tool Simplifies The Search For Top Stocks

Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

Time The Market With IBD’s ETF Market Strategy

How To Invest: Rules For When To Buy And Sell Stocks In Bull And Bear Markets

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.