Stock Market Today: S&P 500, Dow Jones Futures Plunge As Trump Issues Ultimatum To 'Obliterate' Iran—SSR Mining, Nebius, United Airlines In Focus

U.S. stock futures fell on Monday following Friday’s sharp sell-off. Futures of the major benchmark indices were lower.

President Donald Trump issued a 48-hour ultimatum for Iran to reopen the Strait of Hormuz, warning that the U.S. would "obliterate" Iranian power plants if they fail to comply by 7:44 p.m. ET on Monday. Highlighting this ultimatum, Ed Yardeni said, "So Apocalypse Now might or might not happen at 7:44 pm EST on Monday."

Despite this ultimatum, tensions escalated further on Monday as Iran threatened to target U.S. and allied energy and IT infrastructure.

Meanwhile, the 10-year Treasury bond yielded 4.41%, and the two-year bond was at 3.97%. The CME Group's FedWatch tool‘s projections show markets pricing an 85.5% likelihood of the Federal Reserve leaving the current interest rates unchanged in its April meeting.

Index	Performance (+/-)
Dow Jones	-0.46%
S&P 500	-0.58%
Nasdaq 100	-0.63%
Russell 2000	-0.95%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Monday. The SPY was down 0.66% at $644.29, while the QQQ declined 0.86% to $577.04.

Stocks In Focus

United Airlines Holdings

• United Airlines Holdings Inc. (NASDAQ:UAL) fell 1.95% in premarket on Monday after it announced plans to reduce scheduled capacity by about 5% in the second and third quarters.

• Benzinga’s Edge Stock Rankings indicate that UAL maintains a strong price trend over the long term but a weak trend in the short and medium terms, with a solid growth score.

STMicroelectronics NV

• STMicroelectronics NV (NYSE:STM) declined 2.59% even as it announced the start of volume production and first deliveries of its STM32 microcontrollers fully manufactured in China through a localized “China for China” supply chain.

• Benzinga’s Edge Stock Rankings indicate that STM maintains a strong trend in the short, long, and medium terms with a moderate value ranking.

Nebius Group

• Nebius Group NV (NASDAQ:NBIS) dropped 3.32% as the AI infrastructure company announced the closing of a private offering of convertible senior notes totaling approximately $4.3 billion in gross proceeds to fund data center expansion and GPU procurement.

• Benzinga’s Edge Stock Rankings indicate that NBIS maintains a strong price trend over the short, medium, and long terms, with a poor value score.

Cadeler A/S

• Cadeler A/S ADR (NYSE:CDLR) slid 2.51% despite its service platform, Nexra, securing a firm contract for a 2026 operations and maintenance campaign at two offshore wind farms in Taiwan using the vessel Wind Maker.

• Benzinga’s Edge Stock Rankings indicate that CDLR maintains a strong trend in the long and medium terms but a weak trend in the short term, with a solid value score.

SSR Mining And Newmont Corporation

• SSR Mining Inc. (NASDAQ:SSRM) slipped 6.22%, Newmont Corp. (NYSE:NEM) plunged 6.12%, along with other gold miners and producers, as the spot prices for the precious metal descended into a bear market.

• Benzinga’s Edge Stock Rankings indicate that SSRM maintains a weak price trend in the short term but a strong trend in the medium and long terms, with a solid quality score.

Cues From Last Session

Energy and financial stocks bucked the overall market trend, closing the session higher, while utilities, real estate, and information technology stocks recorded the biggest losses on Friday.

Index	Performance (+/-)	Value
Dow Jones	-0.96%	45,577.47
S&P 500	-1.51%	6,506.48
Nasdaq Composite	-2.01%	21,647.61
Russell 2000	-2.26%	2,438.45

Insights From Analysts

Mohamed A. El-Erian's latest analysis signals a grim shift for the U.S. economy, moving from “relative market complacency” to concerns over “long-term structural damage.”

As the U.S.-Israel-Iran conflict escalates, El-Erian notes that the narrative has moved beyond mere disruption. He highlights that the destruction of energy infrastructure has reignited inflation fears, creating a “dash to cash” that has left investors with “few places to hide.”

Regarding the stock market, El-Erian points to a deepening correlation between rising energy costs and equity losses. With the S&P 500 and Nasdaq facing consistent weekly declines, he observes that the economic fallout is widening into “supply chain and financial contagion.”

Perhaps most striking is his focus on the Federal Reserve. Amidst sticky inflation data, El-Erian notes that traders are now “pricing in 2026 rate hikes,” a hawkish shift from previous cut expectations.

He warns of potential “stagflationary” signals ahead, suggesting that the “greatest threat to global energy in history” will continue to pressure both central bank policy and market valuations.

For El-Erian, the path forward depends entirely on whether the war trajectory moves toward de-escalation or a broader regional spillover.

Upcoming Economic Data

Here's what investors will be keeping an eye on this week.

• On Monday, Chicago Fed President Austan Goolsbee will make a TV appearance at 8:30 a.m., followed by Federal Reserve Governor Stephen Miran at 8:45 a.m. January’s delayed construction spending report will be released by 10:00 a.m. ET.
• On Tuesday, the revised fourth quarter U.S. productivity figures will be out by 8:30 a.m. ET.
• March’s S&P flash U.S. services and manufacturing PMI will be released by 9:45 a.m., and Federal Reserve Governor Michael Barr is scheduled to speak at 6:30 p.m. ET.
• On Wednesday, February’s import price index and the import price index minus fuel will be released by 8:30 a.m. ET.
• Federal Reserve Governor Stephen Miran will speak later that afternoon at 4:10 p.m. ET.
• On Thursday, initial jobless claims for the week ending March 21 will be out by 8:30 a.m. ET.
• A series of Fed speakers are scheduled for the evening, including Governor Lisa Cook at 4:00 p.m., Governor Stephen Miran at 6:30 p.m., Vice Chair Philip Jefferson at 7:00 p.m., and Governor Michael Barr at 7:10 p.m. ET.
• On Friday, the final March consumer sentiment reading will be released by 10:00 a.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session by 1.65% to hover around $99.85 per barrel.

Gold Spot US Dollar rose 5.98% to hover around $4,222.61 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.07% higher at the 99.7200 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.15% lower at $68,576.24 per coin, as per the last 24 hours.

Asian markets closed lower on Monday as South Korea's Kospi, India’s Nifty 50, Japan's Nikkei 225, China’s CSI 300, Australia's ASX 200, and Hong Kong's Hang Seng indices fell. European markets were also lower in early trade.

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