U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data

U.S. stock futures were largely steady Wednesday evening as investors remained cautious amid rising Treasury yields, oil prices above $100 a barrel and upcoming U.S. inflation data that could influence the Federal Reserve’s September policy decision.

S&P 500 futures gained 0.1% to 7,654.50 points by 20:33 ET (00:33 GMT), while Nasdaq 100 futures also rose 0.1% to 29,472.75. Dow Jones futures advanced 0.2% to 52,535.0.

The muted moves followed another negative Wall Street session. The Dow Jones Industrial Average declined 0.8%, the S&P 500 fell 0.5%, and the Nasdaq Composite dropped 0.6%. All three major U.S. stock indexes recorded their third consecutive session of losses.

Energy prices remained a key concern after Brent crude settled above $100 a barrel for the first time since July. Brent climbed to $101.37 during Asian trading Thursday as escalating U.S.-Iran hostilities fueled concerns about potential disruptions to oil shipments through the Strait of Hormuz.

Persistently high oil prices could add to inflationary pressures and complicate the Federal Reserve’s interest-rate outlook.

Bond yields also continued climbing, with the benchmark 10-year Treasury yield reaching 4.84%, its highest level since November 2023. The 30-year yield rose to around 5.29%. A Treasury Department announcement of a $6 billion buyback of longer-dated government debt failed to reverse the move as concerns over inflation and government borrowing persisted.

Investors are now awaiting Thursday’s U.S. Producer Price Index, followed by the Consumer Price Index on Friday. Markets are pricing in a 60% probability of a Fed rate hike at the Sept. 15-16 meeting and expect at least one increase this year.

Apple was another focus after unveiling its first foldable smartphone, the iPhone Duo, alongside the iPhone 18 Pro and Pro Max. Apple shares closed 0.3% lower Wednesday despite the product launches before gaining 0.6% in after-hours trading.