FX.co ★ US Futures Fall Further After NFP

US equity futures extended their sharp declines on Friday after weaker-than-expected labor data intensified selling in a market already on edge over pro‑inflationary risks from the conflict in Iran. Futures tied to the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 were all down about 1%.

Energy prices continued their steep gains for the week as major producers in the Persian Gulf cut output and tanker operators held back on accepting new shipments. The resulting surge in benchmark funding costs has dampened expectations for Federal Reserve rate cuts this year.

Despite fresh evidence of a softening labor market—nonfarm payrolls unexpectedly fell by 92,000 in February—the Fed may be compelled to keep interest rates on hold. Financials remained under pressure, with banks, insurers, and asset managers in focus as emerging stress in private credit loans undermined confidence in the sector’s resilience. BlackRock, Blackstone, Bridgewater, and Blue Owl were all poised to extend losses this week following their late‑February selloffs.