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March 13, 2026 – 13:00

(Bloomberg) — US stock futures edged higher after three days of losses on Wall Street as oil prices slipped below $100 a barrel and investors waited to see if the war in the Middle East would escalate further.

Contracts on the S&P 500 Index rose 0.5%, after the index fell on Thursday to its lowest since November, while a gauge of the Magnificent Seven tech stocks also rose in premarket trading. Crude oil futures dropped below $99 a barrel, after trading above $102 earlier on Friday. Europe’s Stoxx 600 index also pared declines.

In currencies, the dollar added 0.3% after closing at its highest in almost two months. The euro and yen, both vulnerable to high oil prices, fell, with the Japanese currency hitting its weakest since 2024, nearing levels where authorities previously intervened to support it.

The moves come as the Iran war hit its two-week mark and rhetoric from President Donald Trump and Iranian leader Mojtaba Khamenei suggested there will be no immediate easing in a war that’s upending energy flows and spurring concerns about inflation.

A global equity index was set for a second week of losses, having fallen from record highs hit before the conflict. A key sentiment indicator compiled by Bank of America Corp. showed the recent selloff hasn’t yet created conditions for investors to buy beaten-down securities.

“Markets have sailed through the last quarter with an optimistic bias, sticking to a buy-the-dip mantra, but this spike in volatility is likely to put an end to this,” said Benoit Peloille, chief investment officer at Natixis Wealth Management. He added that even if the conflict doesn’t last much longer, “it may already have a palpable negative impact on economic growth and inflation.”

Oil prices are now more than 60% higher than at the start of 2026, shrugging off coordinated moves by wealthy nations to release crude reserves and temporary US waivers allowing purchases of Russian oil. Crude could exceed the 2008 peak close to $150 a barrel, should flows via the Strait of Hormuz remain depressed through March, Goldman Sachs Group Inc. warned.

Investors will turn their attention to US inflation figures due later Friday. The Federal Reserve’s favored price gauge is expected to show inflation remaining stubbornly high. Meanwhile a preliminary March survey will show how American consumers view the impact of the Iran conflict, given the rise in gasoline prices.

“Inflation is actually ramping up as a big risk,” Tracy Chen, a portfolio manager for global fixed income at Brandywine Global Investment Management, said on Bloomberg Television. “Duration of the conflict is key. We have been raising US dollar weighting a little bit just to increase our hedge.

Treasuries were little changed but a measure of their volatility was at nine-month highs as traders dialed back expectations for Federal Reserve interest-rate cuts. They are pricing less than 20 basis points in rate cuts this year, versus 61 basis points before the war.

For more on equity markets:

Adobe shares fall in pre-market trading after the maker of software for creative professionals announced that Shantanu Narayen will step down as CEO. Ulta Beauty shares drop in premarket trading after the cosmetics retailer reported earnings per share for the fourth quarter that missed consensus. Linde Plc shares rise in premarket trading after JPMorgan raised its recommendation to overweight from neutral on expected volume and price growth due to tightened helium supply out of the Middle East. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.3% as of 7:49 a.m. New York time Nasdaq 100 futures rose 0.3% Futures on the Dow Jones Industrial Average rose 0.3% The Stoxx Europe 600 rose 0.1% The MSCI World Index fell 0.1% Currencies

The Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.4% to $1.1466 The British pound fell 0.6% to $1.3260 The Japanese yen was little changed at 159.34 per dollar Cryptocurrencies

Bitcoin rose 3% to $72,275.68 Ether rose 2.8% to $2,119.98 Bonds

The yield on 10-year Treasuries declined one basis point to 4.25% Germany’s 10-year yield declined one basis point to 2.94% Britain’s 10-year yield declined two basis points to 4.76% Commodities

West Texas Intermediate crude fell 1.7% to $94.06 a barrel Spot gold rose 0.3% to $5,095.34 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Shikhar Balwani and Subrat Patnaik.

©2026 Bloomberg L.P.