Dow Jones Futures: Stock Market Skids On Surging Oil Prices, Pare Losses As Broadcom, Nvidia Rise

2026-03-05 21:52:13

Dow Jones futures fell slightly after hours, along with S&P 500 futures and Nasdaq futures. The February jobs report is on tap.

Costco Wholesale (COST) and Marvell Technology (MRVL) headlined earnings after the close.

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The stock market tumbled intraday Thursday as crude oil prices surged again. But the indexes pared losses, especially the Nasdaq.

Software continued to bounce while Broadcom (AVGO) popped on earnings. AI chip giant rival Nvidia (NVDA) eked out a gain.

Still, Dow giants Walmart (WMT), Merck (MRK), along with GE Aerospace (GE) and Viking Holdings (VIK) fell solidly after holding up relatively well in recent days.

Nvidia stock and Viking are on Leaderboard.

Dow Jones Futures Today

Dow Jones futures fell 0.1% vs. fair value. S&P 500 futures and Nasdaq 100 futures dipped 0.15%.

Investors will get the February jobs report and January retail sales data at 8:30 a.m. ET.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze leading stocks and the market on IBD Live

Costco And Marvell Earnings

Costco earnings edged past fiscal Q2 views. COST stock wavered late after falling 2.4% to 982.57 in Thursday’s session, undercutting a 993 buy point and its 21-day line.

Marvell earnings slightly beat views with the custom AI chipmaker guiding higher. MRVL stock jumped in extended trade, signaling a move above its 200-day and 50-day lines. Marvell fell 3.1% on Thursday.

Stock Market

The stock market saw broad losses amid spiking oil prices, with the small-cap Russell 2000 tumbling back below its 50-day line, joining the major indexes. But the Nasdaq led an afternoon bounce off lows.

The Dow Jones Industrial Average slumped 1.6% in Thursday’s stock market trading, with seven of the 30 components down at least 3%. The S&P 500 index shed 0.6%. The Nasdaq composite dipped 0.3%, buoyed by Broadcom and software plays. The small-cap Russell 2000 plunged 1.9%

Thursday marked day three of a stock market rally attempt. A follow-through day is now in play as long as Tuesday’s lows hold.

Seemingly safe areas including consumer staples and drug giants struggled Thursday, with Walmart and Merck down 3.5%. Meanwhile, GE stock sank 3.8% and Viking 4.1%, both falling below buy points.

The Invesco S&P 500 Equal Weight ETF (RSP) fell 1.2%, clearly below its 21-day and near its 50-day.

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Broadcom stock jumped 4.8% following strong earnings and guidance, reclaiming its 200-day line but hitting resistance at the 50-day line. A decisive move above its 50-day line could offer an aggressive entry.

Nvidia stock, down 2.8% at session lows, clawed back to a 0.15% gain. It’s up 3.5% for the week. Like Broadcom, the AI king is between its 200-day and 50-day lines.

Software continued its comeback but the sector and nearly all notable names are still below key moving averages.

On the downside, hot fiber-optic gear plays were big losers as Ciena (CIEN) dived on earnings and Broadcom signaled it favors copper over optical for data center interconnects.

The 10-year Treasury yield popped six basis points to 4.145%.

Crude Oil Prices

U.S. crude oil prices jumped surged 8.5% to $81.01 a barrel, the highest close since July 2024. An oil tanker off the coast of Iraq was hit, apparently from a small boat. If tankers don’t resume traveling through the Strait of Hormuz soon, Persian Gulf producers will have to shut down more oil and LNG production, pushing prices even higher.

Meanwhile, Iran Foreign Minister Abbas Araghchi said his country is “not asking for a ceasefire” and “we don’t see any reason why we should negotiate.” He added that invading Iran would be a “big disaster” for the U.S. On Wednesday, stocks rallied in part on a report that Iran had reached out for talks soon after U.S.-Israel attacks began.

ETFs

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) popped 2.3%. The VanEck Vectors Semiconductor ETF (SMH) fell 0.9%, with Nvidia the No. 1 holding and Broadcom stock also a big position.

ARK Innovation ETF (ARKK) retreated 1.25% and ARK Genomics ETF (ARKG) gave up 2.5%.

SPDR S&P Metals & Mining ETF (XME) tumbled 4.1%. U.S. Global Jets ETF (JETS) plunged 4.5%. SPDR S&P Homebuilders ETF (XHB) shed 2.7%. The Energy Select SPDR ETF (XLE) rose 0.5% and the Health Care Select Sector SPDR Fund (XLV) gave up 2%, with Merck a key component.

The Industrial Select Sector SPDR Fund (XLI) slumped 2.2%, with GE stock a major holding.

The Financial Select SPDR ETF (XLF) declined 0.5%.

Best Growth Stocks To Buy And Watch

What To Do Now

This is a time to be mostly in cash.

Yes, the Nasdaq came off lows Thursday, but it’s been the biggest laggard. The key indexes are all below their 50-day line. Even RSP is nearing that level as more sectors come under pressure. Even stocks that are still holding up often have whipsaw intraday action.

This a dangerous market. It’s important to preserve your capital and mental capital for the next market uptrend, whenever that happens.

A follow-through day could confirm a rally attempt as soon as Friday. But a FTD by itself wouldn’t break the monthlong trend of the market rising for a day or two or three and then falling back

The key is to be ready, staying engaged and updating watchlists.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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