US stocks trimmed heavy losses on Monday as crude prices eased after they surged past $100 per barrel amid fears of a prolonged Middle East conflict.
The tech-heavy Nasdaq Composite (^IXIC) flipped between positive and negative territory, recovering from steep losses earlier in the day. The Dow Jones Industrial Average (^DJI) also pared losses to 0.7% while the S&P 500 (^GSPC) dropped 0.4%.
Oil prices were coming off earlier highs after spiking around 25% late Sunday to top $119 a barrel, reaching levels not seen since 2022. The spike came as conflict in Iran spurred crude-producing countries to cut output, already curbed by the virtual closure of the Strait of Hormuz shipping corridor. Kuwait confirmed unspecified production cuts, while Iraqi output is reported to have plunged about 70%.
Amid the supply crunch, ministers from the G7 top economies said they would consider tapping the International Energy Agency’s strategic petroleum reserves if necessary, which appeared to soothe nerves rattled on Sunday by Trump’s suggestion that high costs were "a very small price to pay" for security.
West Texas Intermediate (CL=F) crude futures were trading at around $94 a barrel, while global benchmark Brent (BZ=F) futures changed hands at $100.
Looking at domestic economic reports, investors will be watching closely for Wednesday’s Consumer Price Index and Friday’s Personal Consumption Expenditures index readings, though neither will capture the effect of oil’s dramatic recent surge on price pressures just yet.
On the corporate front, earnings season continues, with Oracle (ORCL) and Adobe (ADBE) the highlights this week.
Daily Market Coverage Mar. 9, 2026 3PM-5PM (ET) | Yahoo Finance
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