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US stock index futures slip as oil prices rise and inflation worries grow
Dow futures fell 0.9% and S&P 500 futures slid 0.4%, with Brent near $100 and WTI near $93 as investors look to Friday’s CPI.
US stock index futures edged lower on Tuesday, with investors citing rising oil prices and renewed inflation jitters at the start of a holiday-shortened week. Dow Jones Industrial Average futures declined 0.9% while S&P 500 futures fell 0.4%, while Nasdaq-100 contracts were near flat as markets watched upcoming inflation data and Oracle earnings later this week, according to Yahoo Finance.
Oil moved higher, adding pressure to risk assets. Brent crude futures crept toward $100 per barrel and US WTI crude neared $93 per barrel, as Iran said it was close to a deal with Oman to manage traffic through the Strait of Hormuz.
Markets are also bracing for a fresh Consumer Price Index reading on Friday to gauge whether inflation is returning toward the Federal Reserve’s 2% target. The focus comes after a blowout jobs report last Friday showed strong job gains in August, renewing concerns about the possibility of a Fed rate hike this month, Yahoo Finance noted.
On the calendar, Oracle’s earnings are flagged as the week’s main event, with GameStop also set to report on Tuesday. Elsewhere, China’s exports accelerated in August, rising 25% year over year, contributing to a widening $119.1 billion trade surplus, Yahoo Finance added.
Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%|S&P 500 7,666.60 ▲0.5%