Dow Futures Drop 491 Points as Brent Nears $100 and Canada Imposes $20 Billion Tariffs
Updated
Updated · CNBC · Sep 7
Dow Futures Drop 491 Points as Brent Nears $100 and Canada Imposes $20 Billion Tariffs
3 articles · Updated · CNBC · Sep 7
Summary
Dow futures fell 491 points, or 0.9%, by 5 a.m. ET Tuesday, while S&P 500 futures lost 0.4% and Nasdaq-100 futures slipped 0.2% after the Labor Day market closure.
Brent crude rose 2.3% to $99.22 and WTI gained 3.3% to $94.54, extending a three-day climb as the U.S. and Iran exchanged strikes over the weekend and shipping concerns around the Strait of Hormuz persisted.
Higher oil has already pushed Treasury yields up, with the 10-year reaching its highest since November 2023 and the 2-year touching a January 2025 high as traders brace for stronger inflation.
Canada's retaliatory tariffs on about $20 billion of U.S. goods took effect Tuesday, adding another pressure point after Trump threatened to block Bombardier sales in the U.S. unless production shifts south.
Inflation reports due Thursday and Friday, followed by the Fed next week, are now central to markets; CME FedWatch showed a 60% chance of a quarter-point rate hike.