US and Israeli strikes on Iran sent global markets into turmoil Sunday night, with Dow futures tumbling over 500 points and oil prices surging. Brent crude jumped 13% to around $80 a barrel while WTI climbed to $73 as investors reacted to the escalating Middle East conflict. The strikes followed Tehran's rejection of US demands to scale back its nuclear program.

Iran, OPEC's fourth-largest producer, faces questions about political stability after Supreme Leader Ali Khamenei's death. The geopolitical shock compounds existing market volatility, with the S&P 500 closing February in negative territory amid renewed concerns about AI and software stocks. Investors worry that rapid AI adoption could disrupt traditional software business models.

Friday's February jobs report headlines the week's economic calendar, with Wall Street expecting 60,000 jobs added versus January's stronger-than-expected 130,000 gain. Corporate earnings continue with Broadcom reporting Wednesday and Marvell Technology Thursday, while retail earnings from Target and Costco will also draw attention. The market reaction underscores how quickly geopolitical events can overshadow economic fundamentals.