Wall Street futures slip as higher oil prices fuel inflation worries ahead of Fed meeting

Here's a summary of the Daily Edge by TradeZero:

S&P 500

Dow Jones

NASDAQ

Market close: March 16, 2026

Breaking News

Wall Street futures slip due to higher oil prices and inflation worries ahead of Federal Reserve meeting.
Middle East conflict pushing oil prices near $100 a barrel, threatening the Strait of Hormuz.
Cooling from a tech-driven rebound; S&P 500 saw biggest one-day jump in a month.
Nvidia projects AI chip revenue opportunity of at least $1 trillion through 2027; shares flat premarket after 1.6% rise.

EdgeUp

Bitcoin surprises as oasis of calm while Iran war jolts markets: Bitcoin pushes through $75,000, gaining nearly 14% since the war, while equities, gold, and oil show volatility.
Goldman Sachs warns oil’s biggest shock will hurt fuels most: Disruptions from the Middle East war expected to impact refined products like jet fuel and diesel more than crude oil.
Beyond Meat to delay annual report as preliminary Q4 revenue misses expectations: Company struggles with softening demand, inventory review issues, shares down 4.1% in extended trading.
Senators tell ByteDance to immediately shut down Seedance AI video app: Concerns raised over copyright and intellectual property infringement by ByteDance’s Seedance 2.0 app.
Upstart stock rises as analyst says investors are ignoring a key catalyst: BTIG upgrades Upstart to buy, citing potential for lower costs and reduced regulatory risks if it obtains a bank charter.
Alibaba launches agentic AI tool for businesses with Slack, Teams integration plans: Alibaba introduces "Wukong," an agentic AI tool for enterprises to manage tasks, addressing privacy/security concerns of AI agents.
Amazon launches 1 hour shipping in US cities to challenge Walmart: Amazon expands speedy delivery to 1-hour and 3-hour options in major US cities, competing with Walmart and building on 30-minute Amazon Now service.

Escalate or De-Escalate?

Markets closed lower for the third straight week.
Geopolitical tensions, rising oil prices (above $100), and shifting rate expectations weighed on sentiment.
Major indexes down 3-5% year-to-date, Nasdaq leading losses for growth stocks.
Higher energy costs reignited inflation fears, reducing expectations for Fed rate cuts.
Economic data (job losses, rising unemployment, lower GDP estimates) added to stagflation fears.
Market adjusted rate expectations from 60 to 44 basis points cut for 2026.
Sector rotation: energy and defensive sectors outperformed, financials, consumer discretionary, industrials lagged.
Despite volatility, broader trend remains constructive; S&P 500 within normal pullback range.
Historical patterns suggest short-term geopolitical shock effects, with markets recovering over time.

Top 5 Movers In Early Pre-Market

Today’s Economic Dates

Yesterday's’s Biggest Movers

ULY (Urgent.ly Inc.): +164.53% (Agero to acquire Urgent.ly for $5.50 cash per share).
CTMX (CytomX Therapeutics, Inc.): +44.23% (Announced proposed public offering of common stock and pre-funded warrants).
DSGR (Distribution Solutions Group, Inc.): +35.01% (Announced Q4 and full year 2025 financial results, also subject of investigation for potential securities law violations).

Today’s Notable Earnings

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