TLDR
- Dow futures slipped 0.13% Wednesday after the Dow lost over 600 points Tuesday
- Brent crude briefly topped $100 a barrel for the first time since July after US strikes on Iranian tankers
- Traders now price in a 60% chance of a Fed rate hike this month, up from the day before
- The 10-year Treasury yield ticked up to 4.8% in early trading
- Apple is set to unveil a foldable iPhone at its annual product event Wednesday
US stock futures were little changed in premarket trading Wednesday as oil prices pushed toward $100 a barrel and inflation fears grew following fresh US strikes on Iranian oil tankers.
Dow Jones Industrial Average futures slipped 0.13% after a rough Tuesday session that saw the Dow drop more than 600 points. S&P 500 futures traded near flat, while Nasdaq 100 futures gained 0.2%.
Oil Prices Surge After US Strikes Iranian Tankers
Brent crude briefly crossed $100 a barrel for the first time since July, after the US military destroyed five Iranian tankers in the Strait of Hormuz. WTI crude, the US benchmark, stood at $94 a barrel.
BREAKING: Iran's IRGC announces it carried out the single largest attack in the Strait of Hormuz of the war, striking 10 vessels in retaliation for tonight's US strikes on 5 Iranian oil tankers.
The IRGC says it struck 8 oil tankers attempting to pass through the Strait and the…
— The Hormuz Letter (@HormuzLetter) September 9, 2026
The escalation in fighting between the US and Iran raised concerns about energy supply disruptions. Those concerns are feeding directly into inflation expectations.
The consumer price index report for August is due out Friday, keeping inflation in sharp focus for investors this week.
Fed Rate Hike Odds Rise
Traders now see a 60% chance the Federal Reserve raises rates by 25 basis points at its meeting next week. That is up slightly from the odds seen just a day ago, according to CME Group.
Rising oil prices are pushing up borrowing costs across the board. The yield on the 10-year Treasury note ticked up 1 basis point to 4.8% in early Wednesday trading.
Deutsche Bank analyst Jim Reid noted that energy price increases are dampening risk appetite. He said inflationary pressures are keeping pressure on other asset classes too.
Despite the broader market caution, AI-linked stocks showed some strength. Chip maker Qualcomm and memory supplier Sandisk both rose in premarket trading, helping push Nasdaq futures higher.
Apple Event in Focus
Apple is holding its annual product event Wednesday, with CEO John Ternus expected to take the stage for the first time. The company is widely expected to unveil a foldable iPhone.
Tech developments could end up being the main market catalyst of the day, offering some relief from the macro pressures weighing on sentiment.
Earnings reports are also on the docket. Chewy and American Eagle Outfitters are both set to report quarterly results Wednesday, giving investors a read on consumer spending.
Markets remain in a holding pattern as traders balance rising energy costs, a potential Fed move next week, and key economic data due later this week.
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