US stock futures traded in red before the opening bell on Wednesday, September 9 amid rally in oil prices crossed and fueling concerns over interest-rate hike by the Federal Reserve.
The US stock market is expected to slip for the second consecutive session as Dow Jones futures declined 0.21% to 52,722, S&P 500 stayed marginally down at 7,677.5, while Nasdaq was flat at 29,529 by 4:28 am ET or 2:30 pm IST.
Stock futures were down on the backdrop of several global cues, including US Canada tensions and oil prices rally.
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Here are three factors to impact US stock market today -
Oil Crosses $100
Global oil prices touched multi-week highs on Wednesday, surging for the third straight week following Iran-backed Houthis attacked Saudi energy facilities, while Tehran warned the US with 'economic warfare'. Brent crude futures last adavnced 2.7% to $100.5 per barrel. The US West Texas Intermediate crude was at $95.1 per barrel, up 1.16%.
US-Canada Trade Tensions
Trade tensions between US and Canada escalated after Washington moved to block imports of some products while slapping new tariffs on others, as well as seeking to bar Canadian companies from selling to government contractors.
Some of the measures announced by the Trump administration include bans on whey proteins, certain rye whiskies and other liquors, malt beer and certain grape wines, non-alcoholic beer and motorcycles.
Fed's Rate Hike Bet
The rally in oil prices has added momentum to the case for a rate hike less than a week before the Federal Reserve's meeting next week. Traders are eyeing key inflation prints due this week for fresh clues to the central bank's next move. According to CME data, there a 60.4% chance of rate hike in September.
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