Stock market today: Dow, S&P 500, Nasdaq futures fall as oil rises, reviving inflation worries Grace O'Donnell · Editor, Special Projects Updated Thu, October 8, 2026 at 6:00 AM EDT 1 min read ^IXIC -0.22% ^GSPC -0.22% ^DJI -0.66% ^TNX +0.15% ^TYX +0.35% US stock futures pulled back in premarket trading on Thursday as the market was caught in a tug-of-war between earnings optimism and revived inflation concerns.
Futures on the Dow Jones Industrial Average (YM=F) fell 0.6%, and the S&P 500 (ES=F) dropped 0.3%, while contracts for the Nasdaq-100 (NQ=F) retreated 0.4% after stocks slipped from record highs on Wednesday.
Markets were on edge as a global bond rout rolled on. Treasury yields remained near multidecade highs — with the 10-year yield (^TNX) at 5.28% and the 30-year yield (^TYX) at 5.66% — reflecting tightening financial conditions.
At the Fed's September meeting, officials were unanimous in their decision to raise interest rates, citing persistently high inflation. Though recent economic data have changed the picture somewhat, inflation remains the key pressure point for the central bank. Federal Reserve Governor Chris Waller is speaking in Turkey today, providing his thinking on the path of monetary policy.
Meanwhile, investors are gearing up for the third quarter earnings season, with PepsiCo (PEP) quarterly results serving as the appetizer. FactSet estimates that the S&P 500 earnings grew 29.5% in Q3. If that figure holds, it would represent the third consecutive quarter with earnings growth above 25%.
On the economic data front, the Department of Labor will release initial jobless claims numbers at 8:30 a.m. ET.
Yahoo Finance's Hamza Shaban writes in today's Morning Brief newsletter:
For a subset of young workers, the name of the game is to squirrel away enough savings and investments so retirement can come early, substituting strategic personal finance for a lifetime of labor. (FIRE!)
It turns out that the post-pandemic boom and explosion of stock prices has already gifted many older Americans with a version of that lifestyle, according to Bank of America — and it's affecting the economy.
Labor force participation — which measures the share of people employed or seeking work among the total population — never recovered after the shock of the pandemic.
According to BofA's economics team, led by Aditya Bhave, the biggest driver behind the decline in overall labor force participation has been workers over age 55 leaving the workforce.
"This debunks a popular bearish narrative on the labor market: 'the u-rate would have been higher if participation hadn't fallen,'" Bhave wrote.
Economic data: Initial jobless claims, week ended Oct. 3 (197,000 prior); Continuing claims, week ended Sept. 26 (1.701 million prior); Wholesale inventories, month-on-month, August final reading (+0.7% prior)
Catch up on top stories from overnight:
Oil edges higher on Iran strike options report and storm impact
US consumer borrowing moderates on drop in revolving credit
Michael Dell defends Trump Accounts' shift to individual company stocks
Wealthy investors view rates and yields as the biggest growth risk, says Deutsche Bank
Bezos says Blue Origin likely to pursue IPO in coming years
Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.
Prices settled lower on Wednesday after the International Energy Agency agreed to accelerate the release of oil stocks and to prioritize diesel supplies under a plan launched in March, as governments seek to tackle record fuel prices and supply disruptions caused by the Iran war.
However, threats to oil shipping in the Gulf and the Strait of Hormuz, which carried shipments equal to about 20% of global oil and fuel before the war, have increased in October as the US-Israeli conflict with Iran enters its eighth month.
Attacks on tankers sailing through the Strait of Hormuz hit their highest last week of any week since the Iran war began as Gulf producers increase exports. The increase in attacks is occurring as more crude is flowing out of the Gulf but at higher costs and risk to cargoes and crew.
