Stock market today: Dow, S&P 500, Nasdaq futures slip amid rising oil prices

US stock futures slipped on Tuesday as rising oil prices and inflation jitters took focus at the start of the holiday-shortened week.

Futures on the Dow Jones Industrial Average (YM=F) declined by 0.9%, while those on the S&P 500 (ES=F) fell 0.4%. Contracts for the Nasdaq-100 (NQ=F) dropped just below the flatline as investors eyed inflation data and Oracle earnings later this week.

Rising oil prices put pressure on markets as Iran said it was close to a deal with Oman to manage traffic through the Strait of Hormuz. Brent crude oil futures (BZ=F), the global benchmark, crept toward $100 per barrel, while US benchmark WTI crude (CL=F) neared $93 per barrel.

Fears of an ongoing war in the Middle East have revived angst about inflation and a potential Federal Reserve rate hike this month, particularly after Friday’s blowout jobs report showed strong job gains in August. Investors are bracing for a fresh Consumer Price Index reading on Friday, which will indicate whether inflation is moving back down toward the Fed’s 2% goal or whether it remains a thorn in the central bank’s — and consumers’ — side.

On the earnings calendar, Oracle (ORCL) earnings are the highlight this week. But first, GameStop (GME) reports on Tuesday.

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China’s exports pick up in August, jumping 25% on strong demand for autos and high tech goods
The AP reports:
China’s exports accelerated in August, jumping 25% from a year earlier on strong demand for autos and high-tech goods, its customs agency said Tuesday. The data came ahead of U.S. President Donald Trump’s planned meeting with Chinese leader Xi Jinping, set for late September, though Beijing has not yet confirmed the exact date for the visit.
Exports grew 23.9% year-on-year in July.
Imports climbed 28.2% in August from a year earlier, up from July’s 27.5% rise. That led to a $119.1 billion trade surplus for China, widening from $112.5 billion in July.
“China is very competitive in its tech goods exports,” said Chi Lo, a senior market strategist for Asia Pacific at BNP Paribas Asset Management. In recent years, rising exports of electric vehicles, industrial machinery and semiconductors have helped fuel China’s robust shipments globally.
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