The S&P 500 declined 1.1%, while the Nasdaq Composite futures dropped 1.6%, reflecting broad-based selling across risk assets. CBOE Volatility Index, widely known as Wall Street’s fear gauge, jumped to its highest level of 2026, underscoring heightened demand for portfolio protection.

The major indices are all up today, but by different amounts. Here's why the Nasdaq is outpacing the Dow.

Stocks fell across the board while oil prices have spiked as attacks in the Middle East have intensified. The S&P 500 fell 1.2% shortly after the market open, while the Dow was down 554 points or 1.1%. The Nasdaq dropped 1.5%.

Stock futures dropped as US–Iran tensions sparked a risk-off move, lifting oil and gold, raising inflation fears, and increasing volatility risks for the Nasdaq, Dow Jones, and S&P 500.

The Dow Jones Industrial Average dropped 521.28 points, or 1.05%, to 48,977.92. The S&P 500 declined 0.43% to 6,878.88, while the Nasdaq Composite slid 0.92% to 22,668.21. Both the S&P 500 and Nasdaq ended February in negative territory as concerns mounted over how artificial intelligence could affect specific industries and the broader economy.

Why are US stock market index futures down and Dow Jones, S&P 500 and Nasdaq in red today? Wall Street futures fell more than 1% as Middle East conflict widened. Oil prices rose. Gold gained. Treasury yields hit lows.

U.S. stocks finished higher on Wednesday, with all three major indexes logging back-to-back gains ahead of the release of Nvidia's earnings. The tech-heavy S&P 500 and Nasdaq Composite indexes also er

As of 1:20 p.m. ET, the Nasdaq Composite ( ^IXIC 1.32%) index dropped 1.9% lower while the S&P 500 ( ^GSPC 0.64%) fell 1.1%. The Dow Jones Industrial Average ( ^DJI 0.04%), on the other hand, only slipped 0.4% lower: