Stock Market Today: S&P 500 Futures Pause Near Record Highs as Oil Rises Ahead of Bank Earnings Rich Duprey Mon, October 12, 2026 at 9:44 AM EDT 4 min read NVDA -1.67% CL=F +2.17% ^GSPC -0.07% XOM +1.57% ET +0.27% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Exxon Mobil (XOM) and Chevron (CVX) each rise ~1% premarket, both up ~45% this year as Brent crude tops $106 on Iran war disruptions.
Energy Transfer (ET) bought Vaquero Midstream, expanding its natural gas pipeline network feeding AI data centers as demand surges.
Four major banks report Tuesday as September added only 29,000 jobs, making loan loss reserves the number to watch.
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S&P 500 futures are basically flat before the open. The index's futures sit near 7,817, up 0.1%, after a record-setting week. Oil is the main mover this morning. Brent crude is trading near $106 a barrel because the war with Iran is still disrupting global energy supplies, and that is raising oil stocks before the bell. Investors are holding the S&P 500 steady ahead of Tuesday, when bank earnings season begins.
Brent settled Friday at $105, and it keeps rising. In May, the EIA expected Brent to average $89 in the fourth quarter. Prices are still well above that forecast, so producers are making more per barrel than planners expected.
Exxon Mobil (NYSE:XOM) is up 1.2% in premarket trading. Chevron (NYSE:CVX) is up about the same, and both stocks have gained close to 45% this year. In midstream, Energy Transfer (NYSE:ET) agreed last week to buy Vaquero Midstream. The deal adds to a pipeline network that already carries natural gas to power plants serving AI data centers.
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On Friday the 10-year Treasury yield rose to 5.2%. It recently reached its highest level since 2002. The Fed also raised its target rate in September, which sets the upper bound at 4%. Higher rates make future profits worth less today, and fast-growing tech stocks feel that the most.
NVIDIA (NASDAQ:NVDA) is down 0.4% before the open. That small dip matters because NVIDIA makes up 8% of the SPDR S&P 500 ETF (NYSEARCA:SPY), which is barely moving near $779.
The flat index hides money moving underneath it. Energy is gaining while the largest tech holding falls, so the two cancel out in the headline number. Owning an S&P 500 index fund means most of your results still depend on a handful of AI giants, and increasingly on the power, cooling, and pipeline companies feeding them (we highlighted seven of those suppliers in a free AI infrastructure report). Oil exposure is cushioning those holdings right now, but it can't fully replace them.
The VIX, Wall Street's fear gauge, is around 15, which counts as a normal reading. Options traders are calm even though bond yields are at multi-decade highs and oil is above $100.
Four of the largest U.S. banks report before the open on October 13, along with two major health care companies. Watch the money banks set aside for bad loans. The economy added only 29,000 jobs in September, so rising reserves would show the hiring slowdown is starting to hit borrowers.
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