Oil Prices Soar, AI Stocks Plunge as US Stock Futures Tumble

US stock futures tumbled on Tuesday as investors grappled with rising oil prices and lingering uncertainty over artificial intelligence's impact on markets.

The Dow futures dropped about 250 points, or 0.65%, while S&P 500 and Nasdaq 100 futures slipped roughly 0.5% and 0.6%, respectively.

Oil prices surged with Brent crude climbing above $108 a barrel, adding to inflation concerns, as the 10-year Treasury yield reached its highest level since 2007 at around 5.03%.

The Federal Reserve is set to conclude a two-day meeting on Wednesday, with futures markets assigning about a 92% probability to a 25-basis-point interest rate hike.