US stock futures were steady on Tuesday after the major indices opened the week lower, as investors weighed surging oil prices fueled by renewed conflict in the Middle East. Rising energy costs reignited inflation worries and reinforced expectations of a Federal Reserve interest rate hike in September, pushing Treasury yields higher.
On Monday, the Dow fell 0.7% in regular trading, while the S&P 500 slipped 0.33% and the Nasdaq Composite edged down 0.12%. Nine of the 11 S&P sectors finished in the red, with communication services, utilities, and industrials leading the declines.
Wall Street now heads into September—traditionally a difficult month for equities—after eking out modest gains in August. Investors will be closely watching fresh data on manufacturing and services activity due Tuesday, as well as the August jobs report on Friday, in what is shaping up to be a busy economic week.
