Oil Prices, Inflation Data Weigh on Wall Street as Rate Hike Looms

Wall Street opened lower on Tuesday after a long weekend as traders were cautious about higher oil prices and inflation data.

The S&P 500 futures slipped around 0.1% before the first cash-market session since Friday, while the Dow lost 0.5% and the Nasdaq declined 0.3%.

The benchmark index previously fell 0.4% to 7,718.41 on Friday due to an unexpectedly strong jobs report, which added 162,000 positions in August, nearly triple the 56,000 forecast.

Traders now price around a 60% probability that the Federal Reserve raises rates by a quarter-point next week, with the ten-year Treasury yield holding near 4.79%.