S&P 500 Faces Bearish Sentiment Amid Oil Price Surge
The US stock market is set for a challenging day as it returns from the Labor Day weekend. U.S.-Iran tensions are affecting energy markets, with Brent crude futures jumping to $98.65 a barrel and U.S. West Texas Intermediate (WTI) crude climbing to $94.06 a barrel.
The Polymarket crowd is leaning heavily bearish for the Sept. 8 trading session, with only a 28% chance of a higher open for the S&P 500. This pessimistic sentiment is due in part to historical post-holiday headwinds and surging oil prices.
Investors are also focused on upcoming economic data that could influence the Federal Reserve's interest rate decisions. The August Consumer Price Index (CPI) report, due out this Friday, will be closely watched, as well as Apple Inc.'s product release event on Wednesday.