U.S. stock futures pointed lower after producer prices rose more than expected in August and oil climbed above $100 a barrel amid prolonged disruptions to shipping routes through the Strait of Hormuz and Red Sea. The Producer Price Index increased 5.4% on an annualized basis, versus economists' 5.3% forecast. Traders raised the probability of at least a 25-basis-point Federal Reserve rate increase next week to 70% from about 64% before the report, while the two-year Treasury yield climbed to 4.490%, its highest since 2024. The benchmark 10-year yield reached 4.901%, its highest since 2023, despite the Treasury Department's plan to buy up to $6 billion of longer-dated bonds. The upcoming Consumer Price Index report is due Friday. Macy's, American Eagle Outfitters and Apple were among notable premarket movers.