Dow Futures Fall 300+ Points as Brent Tops $100

U.S. stock futures fell Wednesday, with Dow futures down more than 300 points, after Brent crude briefly climbed above $100 a barrel and Treasury yields rose amid renewed U.S.-Iran tensions and attacks on Gulf energy infrastructure. S&P 500 and Nasdaq 100 contracts were also lower.

Brent reached $100 a barrel for the first time since July. West Texas Intermediate traded above $94. The 10-year Treasury yield hovered near 4.8%, close to its highest level since 2023. Traders were pricing a higher-for-longer interest rate outlook ahead of key U.S. inflation reports later in the week.

The Department of the Treasury will announce the size of an expanded buyback program for longer-dated government debt at 11 a.m. ET. Markets expect per-issue purchases to exceed the prior $2 billion cap and potentially reach $4 billion or more.

Apple is holding a product event at 1 p.m. ET under CEO John Ternus. The company is widely expected to show a foldable iPhone and new premium iPhone 18 models. Analysts are watching pricing closely, with some forecasting broad iPhone price increases and the foldable model possibly priced above $2,000. Apple shares were roughly flat in premarket trading.

Technology and artificial intelligence-linked stocks showed mixed performance. Qualcomm rose in early trading following optimism about an agreement with Amazon. Corning and SanDisk posted gains, while chipmakers including AMD and Intel declined. Investor interest in AI-related companies continues despite broader market pressure.

Earnings produced sharp moves in individual stocks. Casey’s General Stores fell about 8% despite beating quarterly expectations. Braze dropped roughly 12% even after topping second-quarter estimates. ServiceTitan plunged around 18% after issuing weaker forward guidance. Chewy was scheduled to report results later in the session.

Market participants will focus on Thursday’s producer price index, Friday’s consumer price index, the Treasury buyback details and corporate earnings for signals on the path of interest rates ahead of next week’s Federal Reserve decision.