Oil Rally and Iran Tensions Drag Markets Ahead of Jobs Report

Stocks fell as U.S.-Iran tensions and a spike in oil prices sparked risk-off trading, with the Dow down about 1.6% for the week and the S&P 500 and Nasdaq modestly lower; oil surged to around $81 a barrel, lifting energy concerns. Futures were mixed after the session, with Dow futures up roughly 0.2% and S&P/Nasdaq futures near flat. Traders await Friday’s February nonfarm payrolls report for clues on the labor market, with economists eyeing ~50,000 jobs and a 4.3% unemployment rate. In after-hours trading, Marvell Technology rose on AI demand while Gap slipped on earnings.