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Traders work at the New York Stock Exchange on May 13, 2026.
S&P 500 futures were little changed early Friday, following a tough session in which a sharp spike in oil prices and lackluster earnings from two megacap companies pressured the broader equity market.
S&P 500 futures were flat. Nasdaq-100 futures declined 0.26%. Dow Jones Industrial Average futures traded 20 points lower.
In regular trading, the Dow dropped more than 500 points, or around 1%, for its fifth negative day in six. The S&P 500 and Nasdaq had their worst one-day performances since June 23, dropping 1.2% and 2.2%, respectively.
In Asia, Japan's Nikkei 225 fell 2.79% while the Topix slipped 1%. The Kospi dropped over 5%, and the small-cap Kosdaq declined 4.95%. Australia's benchmark S&P/ASX 200 was 0.95% lower. Hong Kong's Hang Seng Index was down 1.33% and mainland China's CSI 300 declined 1.4%.
Brent crude futures topped $100 per barrel for the first time since late May, soaring about 7% on Thursday. West Texas Intermediate futures advanced roughly 6% on the day, after two Saudi oil tankers were reportedly struck in the Red Sea. Prices were slightly higher in Friday Asia trading.
"While current positioning does not guarantee that oil will continue rising, it does mean that the market entered the latest escalation poorly positioned for an upside surprise," Adam Turnquist, chief technical strategist at LPL Financial. "And when sentiment and positioning are extremely bearish, even a modest deterioration in supply expectations can produce an outsized price response."
Quarterly results from Tesla and Alphabet also weighed on the broader market. Tesla tumbled nearly 15% — its worst day since March 10, 2025 — after posting an earnings miss for the second quarter. Alphabet hiked its full-year guidance for capital expenditures, leading the tech giant to a 7% loss. That's its biggest daily decline since May 7, 2025.
Thursday's moves put the major averages on pace for weekly declines. The Dow and S&P 500 have shed 0.8% and 0.7%, respectively. The Nasdaq has underperformed, losing 1.5%.
