U.S. stock futures fell slightly on Thursday after the Dow Jones Industrial Average dropped to a fresh 2026 low in the previous session as inflation fears took hold on Wall Street. Dow futures were down 354 points, or 0.8%. S&P 500 and Nasdaq 100 futures slipped 0.8% and 0.9%, respectively. “The core dilemma of the entire situation remains the same: the U.S. and Israel have ‘won’ the war in a conventional sense, but there doesn’t seem to be a military solution for reopening Hormuz absent the deployment of ground troops, which means the waterway isn’t likely to return to normal without some type a diplomatic settlement (and it doesn’t appear at the moment like much effort is being put into achieving one),” said Adam Crisafulli of Vital Knowledge. Meanwhile, Micron Technology shares came under pressure in premarket trading, losing 6%. Citi analysts in particular attributed the move to just “some profit taking,” given that a memory supply shortage helped the semiconductor company nearly triple its revenue in its most recent quarter. Wall Street is coming off a dismal trading session. On Wednesday, the 30-stock Dow tumbled some 768 points, or 1.6%, to a new closing low for the year. The benchmark, which also touched an intraday low for 2026, even closed below its 200-day moving average, a technical level suggesting the long-term trend for the index is now negative. The S&P 500 sold off by 1.4%, while the Nasdaq Composite slid 1.5%. The sell-off comes after a surprisingly hot producer prices report, and greater inflation expectations from the Federal Reserve, added to fears that the war in Iran could mean the U.S. economy is headed for a stagflation scenario — or a period of lower growth and higher pricing pressures. It also lowered expectations for an interest rate cut, even with the Fed signaling one reduction is still coming this year. Markets were last pricing in a 52% probability that the central bank stays on hold in 2026, according to the CME FedWatch tool. Investors remain hopeful that the stock market could right itself, given that the backdrop of strong corporate earnings and a resilient consumer remains constructive for equities. For the time being, the key overhang will remain the duration of the Iran war. “The biggest uncertainty or unknown is, how long is this crisis going to last? Should it linger for much longer, then the related impact on inflation and potentially on growth is what will break the market,” Barclays head of U.S. equity strategy Venu Krishna told CNBC’s “Closing Bell: Overtime” on Wednesday. “But we are not there yet. That’s not our base case. You just have to keep your fingers crossed.” On the economic front, the latest weekly jobless claims data is due out Thursday morning. The Philadelphia Fed Manufacturing Index is also set to release. U.S. Treasury yields rose across the curve on Thursday in tandem with global bond markets after new labor market data and as inflation fears linked to the U.S.-Iran war continued to sour sentiment. The 2-year Treasury note yield, closely linked to short-term Federal Reserve policy, jumped nearly 15 basis points to 3.896%.The benchmark 10-year Treasury yield was almost 5 basis points higher at 4.304%. The 30-year Treasury bond yield added a fraction, to 4.886%. Asia-Pacific markets dipped on Thursday, tracking losses on Wall Street that saw the Dow Jones Industrial Average touch a new closing low for the year. South Korea’s Kospi lost 2.73% to close at 5,763.22, ending a streak of three winning sessions after being the top gainer in the region on Wednesday, while the small-cap Kosdaq saw a smaller loss of 1.79%, finishing at 1,143.48. Japan’s Nikkei 225 was down 3.38% to 53,372.53, leading losses in Asia, while the broad-based Topix was 2.91% lower at 3,609.4. Australia’s S&P/ASX 200 lost 1.65% to end at 8,497.8, hitting its lowest level since Nov. 2025. Hong Kong’s Hang Seng index fell 2.04% in its last hour of trade, while mainland China’s CSI 300 index fell 1.61% to 4,583.25. India’s Nifty 50 plunged 2.43%, along with the BSE Sensex, which declined 2.2%. Oil and gas prices rose sharply on Thursday as strikes on key energy infrastructure in the Middle East exacerbated fears of a global supply crunch. Qatar said Wednesday that Iranian missile strikes had damaged a key liquefied natural gas (LNG) export facility. The action followed Tehran’s warning about attacking energy facilities in Qatar, Saudi Arabia and the United Arab Emirates in retaliation for Israel’s bombing of a natural gas processing facility in Iran. International benchmark Brent crude futures with May delivery rose 5.4% to $113.18 per barrel, paring gains after briefly climbing above $119 earlier in the session. U.S. West Texas Intermediate futures advanced 1% to $97.23. Gold and silver joined a broad sell-off on Thursday, with the metals shedding around 5% and 10%, respectively, as fears about the Iran war and inflation gripped global markets. At 8:43 a.m. ET, spot gold was down 4.9% at just over $4,600 an ounce. Front-month gold futures were down 5.8% at $4,612. Spot silver was 9.5% lower at $68.22 an ounce, while silver futures lost 12% to settle at $68.31. Mining stocks and exchange-traded funds linked to gold and silver also fell in premarket trading. The ProShares Ultra Silver ETF shed 20% ahead of Thursday’s opening bell, while the iShares Silver Trust ETF — which was at the center of a so-called meme trade earlier this year — was down almost 10%. Aberdeen’s Physical Silver Shares ETF was down 9.9%.