US Stock Futures Fall as Iran War Drives Oil to $90 and Fed Rate Hike Odds Rise

TLDR

• US stock futures edged lower Tuesday as Iran war fears and Fed rate hike bets weighed on sentiment
• Brent crude is trading near $90 per barrel after the US and Iran resumed military hostilities
• Fed Chair Kevin Warsh’s hawkish Jackson Hole speech pushed rate hike odds to 64.4% for September
• The 10-year Treasury yield climbed to 4.75%, adding pressure to risk assets
• Key data this week includes JOLTS Tuesday and the jobs report Friday

Wall Street kicked off September on shaky ground. Stock futures hovered near flat Tuesday morning as investors juggled rising oil prices, higher Treasury yields, and the growing chance of another interest rate hike from the Federal Reserve.

The Dow Jones Industrial Average futures fell 0.7%, while S&P 500 futures slipped around 0.3%. Nasdaq-100 futures dipped 0.1%. This follows a Monday session where all three major indexes closed lower.

Despite the weak start to September, stocks wrapped up August with solid double-digit year-to-date gains. A rebound in technology stocks helped drive those gains after a bruising July.

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