S&P 500 Futures Plummet as Wall Street Returns from Labor Day Weekend

US stock futures are trading lower on Tuesday as Wall Street returns from the Labor Day weekend. The Polymarket crowd is leaning heavily bearish, with a 28% chance of an S&P 500 higher open.

The post-Labor Day slump has seen declines in the Dow, S&P 500, and Russell 2000 for nine consecutive years. Equity futures reflect this pessimistic seasonality, with Dow Jones futures down 0.77%, S&P 500 futures falling 0.24%, and Russell 2000 futures slipping 0.49%. However, Nasdaq 100 futures managed a slight 0.16% gain.

The ongoing US-Iran conflict is continuing to roil energy markets, with Brent crude futures jumping to $98.65 a barrel, up 1.70%, and U.S. West Texas Intermediate (WTI) crude climbing to $94.06 a barrel, higher by 2.82%.

Investors are shifting their focus to upcoming economic data, including the August Consumer Price Index report due on Friday. The market will also monitor Apple's highly anticipated product release event on Wednesday, which is expected to feature new iPhone models.