S&P 500 Struggles as Oil Nears $100 Amid Inflation Fears

US stocks are showing caution ahead of this week's inflation data, which is expected to give clues on the Federal Reserve's rate trajectory. The market is currently pricing in a 60% chance of a Fed rate hike next week.

Oil prices have surged to multi-week highs after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened economic warfare.

The S&P 500 trades above its rising trend line, its 50 and 200 EMAs, maintaining a constructive outlook. However, the uptrend remains intact only if support continues to hold at 7,615.