SUMMARY
- Rising crude prices and Middle East instability weighed on US futures, with Dow, S&P 500, and Nasdaq contracts all declining.
- Marvell Technology expects nearly $15 billion in fiscal 2028 revenue, driven by demand for AI data center chips.
- Airlines fell while energy equities and natural gas ETFs gained amid supply disruptions.
NEW YORK — US stock index futures fell Friday as intensifying conflict in the Middle East pushed oil prices higher, raising inflation concerns, and investors awaited the monthly US jobs report.
Semiconductor firm Marvell Technology projected fiscal 2028 revenue near $15 billion, significantly exceeding analyst expectations.
Dow E‑mini futures were down 130 points, or 0.27 percent, S&P 500 E‑minis lost 23 points, or 0.34 percent, and Nasdaq 100 E‑minis fell 102.5 points, or 0.41 percent, in early trading.
Technology shares including Nvidia and Advanced Micro Devices declined roughly 0.7 percent. Airlines, such as American and Delta, dropped about 1 percent as surging fuel costs pressured operations.
Energy companies, including Occidental and NextDecade, gained between 2 and 2.3 percent. Natural gas ETFs BOIL and UNG rose 2.2 and 1 percent, respectively.
The US/Israel air campaign against Iran is approaching a week, with no resolution in sight. Shipping through the Strait of Hormuz slowed, and oil prices surged the most since Russia’s invasion of Ukraine in 2022.
Qatar, a major natural gas exporter, warned that normalizing delivery cycles could take weeks or months even if the conflict ends immediately.
“Geopolitical disruptions in the Gulf region can have outsized effects on energy prices and inflation expectations,” said Mark Rivers, energy economist at the Center for Global Oil Markets.
“Markets are reacting to both supply risk and the potential for higher interest rates.” Dr. Sarah Jackson, senior equity strategist at Global Market Analytics, noted, “Marvell’s guidance reflects the growing importance of specialized AI chips in hyperscale data centers.
Their projected revenue growth is substantially above estimates, signaling robust demand.”
| Company | Metric | Current | Previous / Consensus | Notes |
|---|---|---|---|---|
| Marvell Technology | Fiscal 2028 Revenue | ~$15B | ~$12.9B | Driven by AI and high-speed interconnect chips |
| Dow E‑mini | Futures | -130 pts | — | Down 0.27% premarket |
| S&P 500 E‑mini | Futures | -23 pts | — | Down 0.34% premarket |
| Nasdaq 100 E‑mini | Futures | -102.5 pts | — | Down 0.41% premarket |
| American Airlines | Shares | -1% | — | Impacted by higher fuel costs |
| Occidental | Shares | +2% | — | Benefiting from rising energy prices |
Matt Murphy, Marvell CEO, said, “Our bookings for AI-driven infrastructure continue to accelerate, reflecting strong demand from cloud providers.”
Chris Koopmans, Marvell COO, added, “Investments in next generation data centers are central to our revenue growth.”
Investors will closely watch the US jobs report for hiring and wage trends, which may influence Federal Reserve policy.
Regulatory discussions on AI chip exports could also affect technology stocks. Market participants are balancing energy risk with strong corporate earnings in the tech sector.
While geopolitical tensions and energy price surges add uncertainty, US companies with exposure to AI technology continue to show robust growth.
Marvell Technology’s guidance highlights the increasing role of AI infrastructure in shaping market dynamics through 2026.
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