Nasdaq futures fell 2.1% as global markets reacted sharply to escalating tensions involving Iran, triggering a spike in crude oil prices and a surge in volatility. The sell-off impacted tech and energy sectors, with AAPL and CL=F among the most affected.
- Nasdaq futures fell 2.1% on March 3, 2026, amid rising Iran-related tensions
- Brent crude surged to $98.70 per barrel, WTI reached $95.40
- CBOE Volatility Index (^VIX) jumped 37% to 34.8
- Apple (AAPL) dropped 3.8% in pre-market trading
- Defense stocks like Lockheed Martin and Raytheon saw gains of 1.6% and 2.2%
- Gold rose 1.8% to $2,340 per ounce, U.S. 10-year yield climbed to 4.62%
Nasdaq futures plunged 2.1% in early trading on March 3, 2026, reflecting growing investor concern over the prospect of broader conflict involving Iran. The move followed reports of intensified military activity in the Persian Gulf, including the targeting of commercial shipping lanes and increased missile deployments by Iranian-backed groups. This escalation has prompted a sharp repricing of geopolitical risk across asset classes. The market's reaction underscores a significant shift in risk appetite. The CBOE Volatility Index (^VIX) surged 37% to 34.8, signaling heightened fear and uncertainty. Energy markets responded immediately: Brent crude futures climbed to $98.70 per barrel, while West Texas Intermediate (WTI) reached $95.40, up 5.2% in a single session. These price jumps reflect fears of disrupted supply routes through the Strait of Hormuz, a critical chokepoint for 20% of global oil trade. Technology stocks bore the brunt of the selloff, with Apple (AAPL) dropping 3.8% in pre-market trading, dragging down the broader Nasdaq benchmark. The semiconductor and cloud infrastructure segments, heavily reliant on global supply chains, were particularly vulnerable. Defense stocks, however, saw a modest uptick, with Lockheed Martin and Raytheon Technologies gaining 1.6% and 2.2% respectively, as investors priced in potential defense spending increases. The sell-off extended beyond equities, with U.S. Treasury yields rising slightly as investors shifted toward safe-haven assets. The 10-year yield climbed to 4.62%, while gold rose 1.8% to $2,340 per ounce. Market participants now closely monitor diplomatic developments and military posturing from key regional actors.