5 things to know before markets open on Monday

good morning. If you’re planning to fly soon, consider this a public service announcement and give yourself plenty of time to get in line for security.

Stock futures are plummeting this morning following a losing week on Wall Street.

Here are five important things investors need to know to start their trading day.

Yesterday, US crude oil futures rose above $100 a barrel for the first time since the aftermath of Russia’s invasion of Ukraine in mid-2022. The surge came after Iraq, Kuwait and the United Arab Emirates cut oil production amid the U.S.-Iran war.

Here’s what you need to know:

Energy Secretary Chris Wright said yesterday that energy prices would fall if the US removed Iran’s ability to attack tankers in the Strait of Hormuz. Last night, President Donald Trump said rising oil prices were a “very small price to pay” and that “only a fool would think otherwise!” Last week, U.S. crude oil soared 35.6%, the biggest gain in the history of futures contracts. The rise in oil prices shook the stock market and led the rise in oil prices. Dow Jones Industrial Average Iran on Sunday named Mojtaba Khamenei, son of the late Ali Khamenei, as its new supreme leader, according to media reports. Stocks resumed their steep decline in after-hours trading this morning. Dow futures fell more than 500 points. Follow live market updates here.

Affordability was already a focus of November’s midterm elections. But as CNBC’s Garrett Downs and Justin Papp report, a war between the United States and Iran raises the stakes even further.

Democrats point to soaring gas prices and argue that the conflict is contributing to a rise in the cost of living for Americans. Meanwhile, some Republicans hope the war will be short enough to avoid significant economic damage that could undermine the midterm message.

As CNBC’s Matt Peterson writes, Friday’s negative jobs report also came at a bad time for the White House. Rising prices and a tightening labor market could force President Trump to change course on the conflict with Iran.

Vinay Prasad, head of vaccines at the Food and Drug Administration, is resigning. An FDA spokesperson confirmed that Prasad will step down as director of the Center for Biologics Evaluation and Research at the end of April.

In July, Prasad temporarily resigned from his position amid backlash over his decision. However, he returned two weeks later.

Prasad’s recent announcement of his resignation follows a series of controversial decisions that have drawn criticism from the biotech and pharmaceutical industries and former health officials. FDA Commissioner Marty McCulley said the agency will appoint Prasad’s successor before he retires.

Canadians continue to boycott U.S. products and services even as President Trump calls for Canada to become a U.S. state. About a year ago, what was initially seen as an extraordinary surge of Canadian patriotism sparked tectonic changes in the country’s social and economic order.

Data shows Canadians are buying more domestic brands and domestic tourism spending is increasing. On the other hand, they are avoiding U.S. products and skipping cross-border travel. This is an unwelcome trend for the U.S. tourism industry.

The Bank of Canada team said these changes in consumption could also affect gross domestic product (GDP) and inflation. Polls show most Canadians have no plans to abandon their “elbow-up” approach to spending in the near future.

Business is booming at wellness-focused establishments. As CNBC’s Raya Neelakandan points out, this is being driven by consumer demand for so-called third spaces.

These wellness clubs not only offer amenities like cold plunges and saunas, but also social opportunities. For some, the lack of alcohol is an added plus.

The Global Wellness Institute estimates that the global wellness market will approach $10 trillion by 2030. New York-based Bathhouse told CNBC exclusively that it expects run-rate revenue of about $120 million by the end of 2026.

Here’s what we’re looking at this week:

—CNBC’s Spencer Kimball, Sam Meredith, Garrett Downs, Azhar Shukri, Emma Graham, Sean Conlon, Justin Papp, Matt Peterson, Jacob Plamuk, Angelica Peebles and Raya Neelakandan contributed to this report. Josephine Rozzelle edited this version.