Dow, S&P 500, Nasdaq Futures Slip As Oil Spikes Despite Record Release: Why PATH, USO, SOC, PZZA, LWLG Are Trending After-Hours

The IEA coordinated a 400 million-barrel global release and the U.S. announced plans to release 172 million barrels from the Strategic Petroleum Reserve.

• Oil jumped despite the largest-ever reserve release, with WTI settling above $87 per barrel and Brent near $92.
• Geopolitical risks intensified after U.S. forces sank 16 Iranian mine-laying ships near the Strait of Hormuz.
• Inflation and rates remain in focus, with CPI rising 2.4% year over year in February.

U.S. stock futures moved lower Wednesday night as a surge in crude oil, renewed inflation worries and geopolitical tensions in the Middle East weighed on risk appetite.

As of 8:40 p.m. ET, Nasdaq 100 and S&P 500 futures fell 0.9%, while Dow futures declined over 1%.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) was ‘bearish’ amid ‘high’ message volume, while sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bullish’ amid ‘high’ message volume.

US Market Drivers

In the prior session, the major indexes finished mixed:

Index	Move	Close
Dow Jones Industrial Average	-0.61%	47,417.27
S&P 500	-0.08%	6,775.80
Nasdaq Composite	0.08%	22,716.13

Crude oil surged despite efforts by major economies to stabilize supply. West Texas Intermediate settled more than 4% higher at $87.25 per barrel, while Brent crude climbed about 4.8% to $91.98, even after the International Energy Agency approved the largest-ever release of emergency reserves totaling 400 million barrels.

Energy markets have been rattled by supply concerns after U.S. forces sank several Iranian vessels, including 16 mine-laying ships near the Strait of Hormuz, a critical chokepoint through which roughly a fifth of global oil flows. Shipping disruptions intensified after reports that three cargo vessels near Iran’s coast were struck by projectiles, adding to fears that tanker traffic could remain stalled.

The U.S. Department of Energy said the country will release 172 million barrels of oil from the Strategic Petroleum Reserve starting next week, following the IEA’s coordinated move. Energy Secretary Chris Wright said the release, authorized by Trump, is expected to take about 120 days to deliver based on planned discharge rates. The president also reiterated his view that the war could end “very soon,” even as hostilities continued to escalate.

Economic data showed consumer prices rose 2.4% year-over-year in February, broadly matching economists’ expectations and suggesting inflation pressures had eased before the outbreak of the conflict.

Economist Peter Schiff said on X, “If this war drags out, and history says it will, energy prices go higher, inflation goes higher, and the economic fallout is just getting started.”

Energy and technology were the only sectors to finish higher during Wednesday’s session. Oracle shares ended over 9% higher after reporting stronger-than-expected quarterly results and raised its long-term revenue outlook amid continued demand for AI infrastructure.

Jurrien Timmer, director of global macro at Fidelity Investments, also warned on X that if equity declines deepen, the Mag 7 could break support and could turn what has so far been about a 4% S&P 500 drawdown into a roughly 10% correction. “When the tree is shaken, the hot money retreats as it is doing now,” he added.

Trending Stocks To Watch On NYSE, Nasdaq

UiPath (PATH): Shares slid about 8% in after-hours trading despite the automation software company reporting fourth-quarter (Q4) revenue of $481 million and earnings per share (EPS) of $0.30, both above expectations.

United States Oil Fund (USO): Shares jumped more than 5% in extended trading as crude prices surged amid escalating tensions tied to the U.S.-Iran conflict and fears of supply disruptions near the Strait of Hormuz.

Sable Offshore (SOC): Shares climbed over 5% after-hours after reports that Trump may invoke the Defense Production Act to override state permitting hurdles and help restart the company’s offshore oil production in California.

Papa John’s International (PZZA): Shares posted their biggest rally in six years on Wednesday after a report that Irth Capital Management submitted a $1.5 billion takeover bid, offering about $47 per share, marking a 44% premium to Tuesday’s closing price.

Lightwave Logic (LWLG): Shares surged roughly 30% in after-hours trading following a development agreement with Tower Semiconductor to integrate its EO polymer modulators into Tower’s PH18 silicon photonics platform targeting bandwidths of 110GHz and beyond.

How Global Markets Are Performing Today

In broader markets, the yield on the benchmark 10-year U.S. Treasury note rose to 4.2%, marking a second straight increase and reaching its highest level in about a month, while gold traded near $5,160 an ounce.

Asian markets were down at Thursday’s open, with stocks in Australia and Japan trading lower. MSCI’s broadest index of Asia-Pacific shares outside Japan fell about 0.4%.

Among the catalysts for Thursday are Initial Jobless Claims, U.S. Trade Deficit, Housing Starts, Building Permits and remarks from Federal Reserve Vice Chair for Supervision Michelle Bowman.

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