U.S. stock futures steady as oil nears $100, Fed hike bets reach 68%

  • U.S. stock futures held mostly steady after Wall Street ended Tuesday lower.
  • 68% probability of a 25-basis-point September Fed hike was priced earlier this month.
  • The Fed is scheduled to meet Sept. 16-17 after Friday’s consumer price index release.

U.S. stock futures were little changed Tuesday night after Wall Street fell, as Brent crude approached $100 a barrel and investors prepared for inflation data that could reinforce expectations for a Federal Reserve rate increase in September. S&P 500 Futures were broadly flat at 7,679.25 points, Nasdaq 100 Futures held at 29,534.0, and Dow Jones Futures slipped 0.1% to 52,800.0 by 20:55 ET (00:55 GMT). Brent rose as high as $99.67 in Asian trading Wednesday after attacks involving Saudi energy facilities, Iranian oil tankers and a U.S. base in Jordan. The oil surge lifted the 10-year U.S. Treasury yield briefly above 4.8%, near its highest level since November 2023. Markets are focused on Friday’s consumer price index, with CME FedWatch showing a roughly 68% probability of a 25-basis-point increase at the Federal Reserve’s Sept. 16-17 meeting, compared with about 40% a week earlier.

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U.S. stock futures steady as oil nears $100, Fed hike bets reach 68% - CoinPost Terminal