Futures Plummet as Oil Prices Soar

Stock futures pointed to a lower open on Tuesday, kicking off the holiday-shortened trading week. The Dow Jones Industrial Average and S&P 500 futures fell 0.8% and 0.3%, respectively, while Nasdaq futures hovered near unchanged.

The major indexes declined last Friday following a hotter-than-expected August jobs report, which raised concerns that the Federal Reserve could raise interest rates later this month to combat inflation.

Rising oil prices and Treasury yields continued their upward trend, weighing on stock market sentiment. WTI crude oil futures rose over 2% to nearly $94 per barrel, while the yield on the 10-year Treasury reached a new multi-year high of 4.81%.

This week's economic calendar includes the August consumer price index report, which will influence the Fed's decision on interest rates next week. Several companies are also scheduled to report earnings, including Oracle and Adobe on Thursday, and Apple is set to host its annual fall launch event starting Tuesday, where it may announce new iPhones.