TLDR
- U.S. strikes on Iranian rocket launchers sent oil prices above $90 a barrel, lifting energy stocks
- Chevron, Halliburton, Exxon Mobil, and other energy names rose in premarket trading
- PG&E dropped 10% after California lawmakers blocked a wildfire liability reform proposal
- Pinterest fell 2% after its CFO resigned to pursue another opportunity
- Software stocks pulled back while semiconductor stocks edged higher to close out August
U.S. stock futures fell Monday morning as the U.S. launched fresh strikes against Iran, pushing oil prices sharply higher and adding to investor uncertainty heading into the final day of August.
The strikes targeted two Iranian rocket launchers in the Strait of Hormuz on Sunday. Iran responded with attacks on U.S. positions in the region. Brent crude climbed more than 2% to above $90 a barrel, with some reports putting it above $91.
BREAKING: US officials say Iran has launched ballistic missiles at a US airbase in Jordan in retaliation for US attacks on Iran near the Strait of Hormuz just hours ago.
This was the first known US strike in Iran since late-July and the IRGC has vowed to retaliate.
US oil…
— The Kobeissi Letter (@KobeissiLetter) August 30, 2026
Energy Stocks Rise on Oil Price Surge
Energy companies were among the biggest gainers in premarket trading. Chevron rose around 2%, while Halliburton gained 2.4% and 2.5% in separate reports. Exxon Mobil rose between 1.5% and 1.6%.
Occidental Petroleum gained 1.8% and ConocoPhillips rose 1.3%. Oilfield services firm SLB climbed 1.7%. Refiners also moved higher, with Phillips 66 up around 1% and Marathon Petroleum gaining 0.6%.
The gains came as traders reacted to the risk of supply disruptions through the Strait of Hormuz, a key route for global oil shipments.
California Utility Stocks Fall After Wildfire Bill Fails
PG&E dropped 10% after California lawmakers blocked a proposal from Governor Gavin Newsom. The plan would have shifted some wildfire liability costs away from investor-owned utilities and onto insurers.
Negotiations broke down late last week. Lawmakers were concerned the current system could drain California’s wildfire liability fund if a major utility-caused fire occurred.
Edison International fell 4% on the same news. Sempra also traded lower, dropping around 1%. Lawmakers had a Monday vote deadline before the legislative session ended.
Software stocks were under pressure. ServiceNow fell 2%, while Oracle, Salesforce, and Palantir each dropped around 1%. The iShares Expanded Tech-Software Sector ETF had surged 16% during August.
Semiconductor stocks moved in the other direction. Intel rose 1.3% and was the most actively traded stock before the open. Nvidia gained 0.6%. The iShares Semiconductor ETF had slipped more than 3% on Friday.
Strategy rose more than 2% in premarket trading after dropping 7% on Friday. Bitcoin rebounded to around $78,500 early Monday, up from roughly $77,500 at the close of last week.
Pinterest fell 2% after the company said CFO Julia Brau Donnelly would be leaving to pursue another opportunity. She will stay through October 30 to support the transition. Vikram Naidu, VP of Finance, will serve as interim principal financial officer. The company said the departure had no connection to disagreements over operations or accounting.
BioMarin Pharmaceutical rose 5% after announcing it will receive 20% royalties from Ascendis Pharma on sales of yuviwel, a drug used to treat achondroplasia, the most common form of dwarfism, in children.
The odds of a September interest rate hike also continued to rise following Federal Reserve Chairman Kevin Warsh’s speech at Jackson Hole last week.
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