Stock Market Futures Steady as Oil Price Stabilizes after Trump Move

U.S. stock futures were steady Tuesday night after a volatile session on Wall Street. President Donald Trump said the U.S. would provide risk insurance for ships moving through the Persian Gulf, aiming to restart tanker traffic in the Strait of Hormuz. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average DJIA -1.21% ▼ , and the S&P 500 Index (SPX) were down 0.16%, 0.21%, and 0.16%, respectively, at 8:13 p.m. EST on March 3.

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Traffic through the Strait — the world’s key route for crude oil — had stopped after an Iranian Revolutionary Guard commander threatened to attack ships using the passage. Oil prices climbed but came off session highs. Brent crude is up 1.15%, while West Texas Intermediate has gained 0.94%.

In the regular trading session, all three major indices ended lower as the Middle East conflict escalated, though losses eased after President Trump said the U.S. Navy would escort tankers through the Strait of Hormuz if needed. Overall, the Nasdaq, the S&P 500, and the Dow Jones fell 1%, 0.9%, and 0.8%, respectively.

Looking ahead, traders await the release of the ADP private payrolls report, with forecasts calling for 48,000 jobs added in February, up from 22,000 in January. Also, earnings from Abercrombie & Fitch ANF +1.40% ▲ , Broadcom AVGO -1.56% ▼ , Rigetti RGTI -4.13% ▼ , and Okta OKTA -1.96% ▼ are scheduled for release on Wednesday.

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