Energy prices are soaring across the globe, as the Middle East conflict is getting to a new turn with strikes on key energy facilities in Qatar as well as Iran. LNG and helium supply were disrupted after missile attack on Qatar’s Ras Laffan hub.
President Trump has warned Iran against continued attack on Qatar and said he was not aware of Israel’s earlier attack on Iran’s South Pars gas field. President said if Iran fails to comply, the U.S. would “massively blow up the entirety of the South Pars Gas Field”
Brent crude price spiked more than 6 percent above $114 a barrel. The dollar strengthened against other major currencies. Gold extended losses and was down over 1 percent at $4,752 on ounce.
Early trends from the U.S. Futures Index suggest that Wall Street might open lower.
As of 7.35 am ET, the Dow futures were losing 170.00 points, the S&P 500 futures were down 25.00 points and the Nasdaq 100 futures were sliding 133.00 points.
The U.S. major averages ended Wednesday lower. The Dow plunged 768.11 points or 1.6 percent to 46,225.15, the Nasdaq tumbled 327.11 points or 1.5 percent to 22,152.42 and the S&P 500 slumped 91.39 points or 1.4 percent to 6,624.70.
On the economic front, the Labor Department’s Jobless Claims for the week will be issued at 8.30 am ET. The consensus is 215K, while it was up 213K in the prior week.
The Philadelphia Fed Manufacturing Index for March will be published at 8.30 am ET. The consensus is 5.5, while it was up 16.3 in the prior month.
The New Home Sales for January is scheduled at 10.00 am ET. The consensus is 728K, while it was up 745K in the prior month.
The Business Inventories for Janaury will be released at 10.00 am ET. In the prior month, the manufacturing Inventories were up 0.1 percent, while retail inventories were up 0.1 percent. Wholesale inventories were up 0.2 percent.
The delayed Wholesale Inventories (Preliminary) for January will be revealed at 10.00 am ET. In the prior month, the inventories were up 0.2 percent.
The Energy Information Administration or EIA’s Natural Gas Report for the week is scheduled at 10.30 am ET. In the prior week, the gas stock was down 38 bcf.
Two-year Treasury Floating Rate Note or FRN auction and 2-year Treasury Note auction, 5-year Treasury Note auction and 7-year Treasury Note auction will be held at 11.00 am ET.
Ten-year Treasury Inflation Protected Seurities or TIPS auction will be held at 1.00 pm ET.
Fed Balance Sheet for the week will be released at 4.30 pm ET. In the prior week, the Level was at $6.646 trillion.
Asian stocks finished lower on Thursday. China’s Shanghai Composite index dropped 1.39 percent to 4,006.55. Hong Kong’s Hang Seng index fell 2.02 percent to 25,500.58.
Japanese markets lost ground. The Nikkei average plunged 3.38 percent to 53,372.53 while the broader Topix index closed 2.91 percent lower at 3,609.40.
Australian markets fell sharply. The benchmark S&P/ASX 200 fell 1.65 percent to 8,497.80. The broader All Ordinaries index slumped 1.77 percent to 8,690.70.
Business News
Wall Street Braces For Lower Open On Energy Supply Fears
2026-03-19 12:06:19
