Pre-Market Update: US Stock Futures Fall as Oil Prices Rise and Treasury Yields Climb Tuesday

TLDR

• US stock futures fell Tuesday, with Dow and S&P 500 futures down 0.5% and Nasdaq-100 futures dropping 1%
• Oil prices jumped after the US and Iran exchanged fire in the Strait of Hormuz, pushing Brent crude to over $92 a barrel
• The 10-year Treasury yield rose to 4.79%, raising fears of further Fed rate hikes
• September is historically the worst month for stocks, with the S&P 500 averaging a 1.1% drop
• Key data releases this week include JOLTS, ISM manufacturing, and the monthly jobs report on Friday

Wall Street started September on the back foot Tuesday as rising oil prices, climbing Treasury yields, and renewed fears of Federal Reserve rate hikes pushed futures lower across the board.

Dow Jones Industrial Average futures slid around 255 points, or 0.5%. S&P 500 futures fell 0.5% and Nasdaq-100 futures dropped 1%, erasing some of the momentum built during a strong August.

All three major indexes closed August with solid gains. The S&P 500 posted its best August performance in five years. But history is working against markets now as September is on average the weakest month of the year for stocks.

… Continue reading the full article at the original source below.