Global markets lacked direction with U.S. exchanges closed for Labor Day, as investors awaited August inflation data while rising oil prices fueled concerns about renewed price pressures. Nasdaq futures rose while Dow and S&P 500 futures declined. The New York Stock Exchange was closed on Sept. 7 local time, and crude oil, precious metals and stock-index futures on CME and ICE ended trading early. The U.S. PPI and CPI are due Sept. 10 and 11, respectively. Wall Street expects monthly CPI to rise 0.4% in August, core CPI to increase 0.2%, and annual core inflation to ease to 2.4% from July. Bank of America estimates monthly core CPI growth of about 0.22% and says that pace alone would not justify a September rate hike. Markets generally expect the Federal Reserve to hold rates if the data match forecasts. Oil is the key uncertainty: tensions involving the U.S. and Iran, a planned Iranian maritime control zone near the Strait of Hormuz and reduced vessel traffic through the waterway have pushed WTI and Brent to six-week highs. Goldman Sachs sees prices potentially reaching $120 a barrel if attacks on vessels intensify, while Morgan Stanley expects Brent to average about $100 a barrel in the fourth quarter. Persistent energy costs could slow U.S. disinflation, reduce the Federal Reserve’s room to cut rates and raise the prospect of further tightening. Gold futures fell 0.55% to $4,452 an ounce, while the yen strengthened and dollar-yen fell to the 154-yen range. European stocks were mixed, with France’s CAC rising slightly and Germany’s DAX and the U.K.’s FTSE falling. Gold also declined about 0.6% from Aug. 28 to Sept. 4 as rate expectations shifted, although inflows of about $1.35 billion into the SPDR Gold Shares ETF limited the downside. JPMorgan identified different investment themes under possible November midterm election outcomes, with healthcare, retailers, defense, financial, reshoring and cryptocurrency-related stocks benefiting under various scenarios. The Sept. 11 CPI release, arriving five days before the Sept. 16 FOMC meeting, is the week’s main market focus; a weaker reading could support gold, while a stronger result could intensify pressure on rates.