Nasdaq Futures Fall 80 Points to 26,940 as Oil Surges Above $100, Tesla Slides

Wall Street looked set for a softer open on Thursday as pressure in the oil market spilled into equity futures and pulled traders back into a more defensive stance. Nasdaq futures were down roughly 80 points to around 26,940, while S&P 500 futures fell 0.4% and Dow futures lost about 0.6%. The move came after another strong run for U.S. equities, but this time the focus shifted away from broad market momentum and toward a tougher combination of geopolitics, crude prices and company-specific earnings reactions.

The main risk factor was energy. Brent crude traded near $104 a barrel after surging almost 13% over the previous three sessions, while West Texas Intermediate climbed to around $95. The jump in prices reflected renewed concern over supply after the U.S. and Iran failed to hold a fresh round of peace talks, leaving markets focused on disruptions around the Strait of Hormuz. That waterway remains one of the world’s most important oil transit routes, so any threat to flows there tends to hit inflation expectations, transport costs and broader market sentiment almost immediately.

That is why Thursday’s futures decline mattered beyond the headline percentages. A sharp rise in crude can quickly reshape the market narrative. Investors who were recently leaning into technology and growth stocks now have to weigh whether higher energy prices will keep inflation sticky for longer and make the path for interest-rate relief less certain. In practical terms, that tends to hurt richly valued names first, especially in the Nasdaq, where earnings expectations remain high and tolerance for disappointment is low.

Tesla Inc. (NASDAQ: TSLA) became a clear example of that shift. The electric-vehicle maker initially won a positive response after posting an earnings beat, but the early optimism faded and the stock turned lower, slipping about 2%. Tesla shares were recently near $387, and the reversal suggested investors were looking past the headline beat and focusing instead on what comes next. Chief Executive Elon Musk’s comments around a major capital expenditure push added a fresh layer of caution because bigger spending plans can weigh on free cash flow even when revenue and earnings hold up better than expected.

For Tesla bulls, the longer-term story around artificial intelligence, autonomous driving, robotics and future manufacturing scale remains central. But for traders dealing with a risk-off market tone, the short-term issue is simpler: more spending usually means more pressure on margins and cash generation. In a market already uneasy about oil and geopolitics, that can be enough to turn a post-earnings rally into a pullback. Readers looking for official company filings and quarterly materials can review Tesla’s investor updates through its investor relations page.

The weakness was not limited to Tesla. ServiceNow (NYSE: NOW) was one of the steepest premarket decliners, dropping roughly 12%. The stock had closed at $103.07, but the market reaction turned sharply negative after management pointed to delayed deal closures in the Middle East. According to the company’s commentary, those delays created a 75-basis-point headwind to subscription revenue growth. That matters because it shows the current conflict is no longer just a macro headline sitting outside earnings season; it is beginning to affect real corporate sales cycles and timing.

ServiceNow’s update also highlighted another issue that has been building in the software sector. Investors remain enthusiastic about artificial intelligence, but they are also increasingly selective about which companies stand to benefit and which could face disruption. For enterprise software vendors, that debate is becoming more important with every quarter. The market wants proof that AI is supporting demand rather than eroding the need for traditional platforms.

IBM (NYSE: IBM) also traded lower, falling about 7% after its earnings release. Shares had been hovering near $251, but investors appeared disappointed by moderating revenue growth and concerned about competitive pressure as AI spending shifts across the technology landscape. IBM still carries weight as a blue-chip enterprise name, but the reaction showed that large-cap tech and software companies are being judged with a stricter lens this season. Strong positioning in AI is no longer enough on its own; the market wants faster evidence in revenue and execution.

One notable exception came from the semiconductor space. Texas Instruments (NASDAQ: TXN) jumped more than 10% in after-hours trading, climbing from around $236.31 to roughly $261. The catalyst was a forecast that surprised investors to the upside. Texas Instruments projected second-quarter revenue of $5 billion to $5.4 billion, comfortably above analyst estimates of about $4.85 billion. The company pointed to stronger demand tied to data centers and industrial equipment, giving the market a reminder that not every part of the tech complex is under the same pressure.

That distinction is important. While high oil prices and geopolitical headlines can pull down index futures broadly, individual groups inside the market are still responding to their own earnings drivers. Chip stocks tied to infrastructure and industrial recovery can trade very differently from consumer-facing technology names or software platforms exposed to slower deal activity. Thursday’s early moves offered a clear snapshot of that divide.

Investors are also preparing for another batch of corporate updates, including results from American Express (NYSE: AXP), Blackstone (NYSE: BX) and American Airlines (NASDAQ: AAL). Each of those names adds a different lens to the market. American Express can offer clues on affluent consumer spending, Blackstone can shed light on financing and asset markets, and American Airlines may give investors a read on how rising fuel prices are affecting travel economics. Those reports could shape the tone of trading later in the session.

On the economic side, traders are watching the S&P Global preliminary manufacturing reading for April. That release may provide one of the earliest checks on whether the latest rise in energy costs and war-related disruptions are starting to show up in business activity. If manufacturing softens while oil remains elevated, markets may become more sensitive to stagflation-style concerns — a mix that tends to be challenging for equities.

The broader takeaway from Thursday morning is that the market is no longer trading on earnings alone. Crude above $100, uncertainty around U.S.-Iran negotiations, and sharp stock-specific reactions to corporate outlooks have combined to create a more cautious backdrop. Nasdaq futures near 26,940 do not signal panic, but they do suggest investors are becoming less willing to ignore macro risk while waiting for tech earnings to do all the lifting.