Dow Jones Industrial Average futures fell 308 points (0.6%) on Monday as trading began in a shortened week due to the U.S. Labor Day holiday. Oil prices reached six-week highs, with Brent crude at $97.31 per barrel and WTI at $92.66, driven by escalating tensions between the United States and Iran in the Middle East. The benchmark 10-year U.S. Treasury yield climbed to its highest level since November 2023, raising concerns about a resurgence of inflation. The Federal Reserve is expected to raise interest rates next week with 60% probability according to the CME Group’s FedWatch tool. Additionally, Canada is imposing retaliatory tariffs on approximately $20 billion worth of U.S. goods on Tuesday, reigniting trade tensions between the two nations.
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