EL7.AI
Macro EconomyMedium•23 October 2026•
4 min read

U.S. Stock Futures Fall as Brent Rises 1.6% to $114.92

Key Facts

1Nasdaq futures fell 0.1%, S&P 500 futures fell 0.3% and Dow futures fell 0.6% on the morning of October 23.
2Brent rose 1.6% to $114.92 a barrel, and U.S. crude gained 1.8% to $101.22.
3The Nasdaq Composite fell 2.6% Thursday, its steepest decline since June.
4The yield on France’s 10-year bond reached 5.14%, its highest since July 2002.
5France’s 2027 budget targets a deficit equal to 5% of GDP, compared with 5.4% this year.

U.S. futures fell Friday morning, October 23, with Nasdaq futures down 0.1%, S&P 500 futures down 0.3% and Dow futures down 0.6%, according to the Associated Press. The moves followed Thursday’s session, in which the Nasdaq Composite lost 2.6%, its steepest decline since June, while the S&P 500 fell 1.2%, its worst daily performance since July. The Dow Jones closed up less than 0.1% in the same session. The Associated Press said the selloff eased in early trading Friday but kept technology stocks under pressure. The moves coincided with a surge in oil and fresh concerns about French debt, putting stocks, bonds and energy markets under overlapping pressure.

Brent crude rose 1.6% to $114.92 a barrel Friday, while U.S. crude gained 1.8% to $101.22, according to the Associated Press. Brent prices had jumped 4% Thursday, with reports linking the move to concerns about disruptions to energy supplies in the Middle East following Houthi attacks in Saudi Arabia. Reuters said the attacks pushed Brent to a new five-month high near $114 a barrel. The rise puts supply risks back at the forefront of trading, alongside investor concerns about energy and financing costs. In the background, the spot price of Brent averaged $114 a barrel in September, up $23 from August, according to the U.S. Energy Information Administration.

Concerns about AI stocks center on the financing needed to build data centers and buy more chips, according to the Associated Press. The agency said those concerns sent sector-related stocks fluctuating before the selloff partly eased in early trading Friday. The Nasdaq Composite lost 2.6% Thursday, its steepest decline since June, while the Philadelphia Semiconductor Index fell about 7% Friday, according to Reuters. Meta shares fell nearly 8% in Friday trading, while CoreWeave stock dropped 10% to its lowest level since May 2025, as the cost of insuring the company’s debt rose. These moves reflect the sector’s sensitivity to borrowing costs and the scale of capital spending required to keep building AI infrastructure.

In bond markets, the risk premium on French debt over German bonds reached its highest level in 15 years Thursday, according to Reuters. The yield on France’s 10-year bond also rose to 5.14%, its highest since July 2002. France’s public finances face a test amid a divided parliament, while Moody’s decision on its negative outlook is tied to the institutions’ ability to overcome that division. The 2027 budget bill aims to reduce the deficit to 5% of GDP, compared with 5.4% this year. Moody’s review, which the agency intended to announce after U.S. markets closed Friday, comes as the risk premium widens and long-term yields rise.

The flight to safe assets extended to U.S. Treasuries, whose yields fell Thursday by the most in a single day since March 2023 before returning below 5% Friday, according to Reuters. “The market is certainly nervous,” said Kit Juckes, global head of currency strategy at Société Générale. He added that the combination of rising oil prices and a correction in technology stocks makes the dollar’s weakness harder to explain. Thursday’s decline in yields reflected investors moving into bonds as stock losses widened, while higher oil prices kept supply concerns in view. In labor data, initial jobless claims fell by 6,000 to 194,000 in the previous week, their lowest level since July, according to Euronews.

Attention is turning to the flash purchasing managers’ indexes for October, which were scheduled for release Friday, October 23, according to S&P Global. The release offers a reading of business activity amid higher energy prices and borrowing costs, according to the company’s economic calendar. The listed release does not include a reliable numerical forecast for the index. The Federal Reserve’s Federal Open Market Committee is scheduled to meet on October 27 and 28, with the committee meeting and press conference set for October 28, according to the central bank’s calendar. The meeting comes after a decline in stocks and a rise in oil, with moves in yields and energy prices remaining central to market attention.