Crude Falls Below $100 As Trump Mulls Emergency Reserve Release

State Street Technology Select Sector SPDR ETF (ARCA:XLK) sees upward bias amid market volatility

Published on Mar. 9, 2026

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Wall Street opened the week still in negative territory as tensions in the Middle East continued to ripple across global markets. WTI crude was up about 6% to $97 per barrel, while Brent climbed to $98.31, though both benchmarks trimmed larger overnight gains in futures trading amid growing expectations of emergency policy responses. U.S. President Donald Trump is expected to announce a series of measures aimed at easing the surge in oil prices as soon as today, including a coordinated release of strategic petroleum reserves by G7 countries.

Why it matters

The volatility in oil prices and the potential for a coordinated global response highlights the seriousness with which major economies are approaching the risk of a prolonged supply disruption. This could have significant implications for the broader market, particularly sectors like technology that are sensitive to energy costs and geopolitical tensions.

The details

By midday trading in New York, the S&P 500 fell 0.5% to around 6,700 points and the Dow Jones Industrial Average dropped 400 points, or 0.8%, to 47,100. The Nasdaq 100 declined 0.1% to 24,610 and the Russell 2000 dropped 1.2% to 2,500. The Cboe Volatility Index eased 6.6% to 27.53. Gold slipped 1.2% to $5,096.54 per ounce as the dollar firmed. Natural gas futures fell 1.6% to $3.14. Bitcoin (CRYPTO: BTC) rose 2.5% to $68,893.40.

  • On Monday, NATO intercepted an Iranian ballistic missile heading toward Turkey, the alliance's southeastern flank.

The players

Donald Trump

The U.S. President who is expected to announce a series of measures aimed at easing the surge in oil prices.

State Street Technology Select Sector SPDR ETF

An exchange-traded fund that tracks the performance of the technology sector in the S&P 500 index.

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What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.