U.S. stock futures flat as oil jumps

S&P 500 Futures were largely unchanged at 7,679.25 points, Nasdaq 100 Futures were steady at 29,534.0 points, while Dow Jones Futures inched down 0.1% to 52,800.0 points

U.S. stock futures were little changed on Tuesday night after Wall Street ended lower, as oil prices neared $100 a barrel and investors braced for inflation data that could strengthen expectations for a Federal Reserve interest-rate hike this month.

S&P 500 Futures were largely unchanged at 7,679.25 points, while Nasdaq 100 Futures were steady at 29,534.0 points by 00:55 GMT. Dow Jones Futures inched down 0.1% to 52,800.0 points.

The cautious tone followed a broad sell-off in Tuesday’s regular session. The Dow Jones Industrial Average dropped 1.2%, while the S&P 500 declined 0.6%. The Nasdaq Composite shed 0.3%.

Oil prices remained one of the main concerns for investors. Brent crude jumped as high as $99.67 a barrel in Asian trading Wednesday after Houthis attacked Saudi energy facilities, while U.S. attacked Iranian oil tankers, and Iran targeted a U.S. base in Jordan.

The surge has revived fears that higher energy costs could keep inflation higher and make it harder for central banks to ease policy.

The rise in crude has also pushed Treasury yields higher. The benchmark 10-year U.S. Treasury yield briefly moved above 4.8% on Tuesday, near its highest level since November 2023, increasing the relative attractiveness of bonds and raising borrowing costs for companies and consumers.

Markets are now focused on U.S. inflation figures due later this week, with the consumer price index on Friday expected to provide fresh clues on the Federal Reserve’s policy path.

Investors have sharply increased bets on a September rate hike as inflation concerns have returned. Markets were pricing nearly a 68% probability of a 25-basis-point Fed hike at the September meeting earlier in the month, up from about 40% a week earlier, according to CME FedWatch.