Stock market today: Dow, S&P 500, Nasdaq futures dip from record-highs ahead of packed earnings week

May 18, 2026 - 09:42

Stock futures edged lower on Monday, pulling back from the record closing levels reached last week, as escalating tensions in Iran sent shockwaves through commodities markets. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq all pointed to a slightly weaker open, pausing a rally that had pushed major indexes to all-time highs.

The retreat came as oil prices surged on fears of supply disruptions in the Middle East. Brent crude climbed above $80 a barrel, while gold also rose as investors sought safe-haven assets. The move higher in energy costs raised fresh concerns about inflation, just as the market had been pricing in a series of interest rate cuts from the Federal Reserve later this year.

The pullback also sets the stage for a packed week of corporate earnings. Several high-profile companies are set to report results, including major banks and tech giants. Investors will be watching closely to see if profit growth can justify the elevated valuations that have driven the recent rally.

While the broader market took a step back, energy stocks bucked the trend, moving higher in premarket trading. Analysts warned that a prolonged conflict in Iran could keep upward pressure on oil and disrupt global supply chains, potentially complicating the Fed's path forward on monetary policy.