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Middle East tensions lift oil toward $100, pressuring US stock futures
S&P 500 futures were set to open 0.4% lower as Brent rose to about $99.5 a barrel after Saudi Arabia halted operations following attacks.
US stock futures were lower on Tuesday, 8 September, as escalating Middle East tensions pushed oil higher and raised inflation concerns ahead of the Federal Reserve's upcoming policy meeting, LiveMint Markets reported.
The S&P 500 was set to open 0.4% lower at the start of a holiday-shortened week, while Dow Jones Industrial Average futures were down 0.7% and Nasdaq futures were also marginally lower.
Markets are watching US inflation data due on Friday, 11 September, after a stronger-than-expected jobs report. Nonfarm payrolls rose by 162,000 in August, the unemployment rate held at 4.1%, and traders scaled back expectations for Fed rate cuts, with CME Group's FedWatch tool showing about a 60% chance of a quarter-point cut at the 15 to 16 September meeting.
Oil prices jumped after Saudi Arabia said operations at facilities in the south of the kingdom were halted following attacks, lifting Brent to $99.50 a barrel in trade. The report also said a stronger US dollar recently softened, with the dollar slipping to 153.86 Japanese yen from 154.34 yen early Tuesday.
Latest closeBrent $95.32 ▲0.7%|S&P 500 7,666.60 ▲0.5%|Nasdaq Comp. 26,217.83 ▲0.5%