Market Volatility Returns as Oil Prices Soar and Treasury Yields Reach New Highs

Stock futures are pointing to a lower open on Tuesday as investors digest the latest market developments. The Labor Day weekend saw record-high gas prices, and oil prices have continued their upward trend, with WTI crude oil futures rising over 2% to just under $94 per barrel.

The yield on the 10-year Treasury has also reached a new multi-year high of 4.81%, up from 4.79% at Friday's close. This increase in borrowing costs is likely to feed through into the economy and could impact consumer spending and business investment.

On the earnings front, Oracle and Adobe are set to report their quarterly results after the closing bell on Thursday, while Kroger will release its earnings early on Friday. Apple's annual fall launch event is also scheduled for this week, where the company is expected to unveil a new range of iPhones that could include a foldable model.

In other news, Novartis shares are falling sharply after the Swiss drugmaker reported disappointing clinical trial results for two of its developmental drugs. The stock has dropped over 13% in premarket trading, while Amgen's shares have also taken a hit due to their similar research pipeline.