Oil at $100, Fed Hike Incoming and Apple’s Big Reveal: What’s Moving Markets Wednesday

TLDR

• Dow futures slipped 0.13% Wednesday after the Dow lost over 600 points Tuesday
• Brent crude briefly topped $100 a barrel for the first time since July after US strikes on Iranian tankers
• Traders now price in a 60% chance of a Fed rate hike this month, up from the day before
• The 10-year Treasury yield ticked up to 4.8% in early trading
• Apple is set to unveil a foldable iPhone at its annual product event Wednesday

US stock futures were little changed in premarket trading Wednesday as oil prices pushed toward $100 a barrel and inflation fears grew following fresh US strikes on Iranian oil tankers.

Dow Jones Industrial Average futures slipped 0.13% after a rough Tuesday session that saw the Dow drop more than 600 points. S&P 500 futures traded near flat, while Nasdaq 100 futures gained 0.2%.

Oil Prices Surge After US Strikes Iranian Tankers

Brent crude briefly crossed $100 a barrel for the first time since July, after the US military destroyed five Iranian tankers in the Strait of Hormuz. WTI crude, the US benchmark, stood at $94 a barrel.

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