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US stock futures sank on Tuesday morning as uncertainty around the war in Iran, a bond market sell-off, and speculation about the Fed's next interest rate move kept buyers on the sidelines.
Futures on the Dow Jones Industrial Average (YM=F) and S&P 500 (ES=F) fell about 0.6%, while Nasdaq-100 (NQ=F) contracts dropped 1.4% after stocks closedAugust with solid gains.
Stocks entered September with double-digit year-to-date returns andearnings expectations that continue to rise.
However, volatile oil prices and the potential return of Fed rate hikes have given investors reason to worry heading into thehistorically weakest monthfor stocks.
Bond yields continued their march higher on Tuesday, with the 10-year yield (^TNX) rising to 4.78%, its highest intraday level since January 2025.
The 30-year (^TYX) climbed to 5.27%, hovering near multidecade highs.
Crude oil prices also remained elevated after the US and Iran returned to a hot war on Sunday, with Brent futures (BZ=F), the global benchmark, trading above $92 per barrel.
On Tuesday, the Job Openings and Labor Turnover Survey (JOLTS) will kick off a string of labor market updates this week, offering a look at hiring and quits ahead of the monthly jobs report on Friday.
Data releases from S&P Global and the Institute for Supply Management will also give insight into manufacturing activity.
The gush of second quarter earnings reports may have slowed to a trickle, but releases from Dell (DELL) and Palo Alto Networks (PANW) will give insight into how big corporations are spending money on tech and cloud services.
Shein (0625.HK) stock hit the public markets in Hong Kong on Tuesday, and the response was tepid.
Shares of the fast-fashion brand plunged over 9% from their IPO price of HK$48.56 per share ($6.19) in the first minutes of trading.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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