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Happy Tuesday. Stock futures were mixed at the start of a shortened trading week as investors weighed rising oil prices, heightened hostilities in the Middle East and an escalating trade war with Canada.
Iran has issued a fresh threat to the U.S. over its newly upgraded ballistic missile, with officials warning that the nation “will take action against any threat, even before it is carried out,” The Independent reported.
Kyle Rodda, senior financial market analyst at Capital.com, said geopolitical tensions in the Middle East and uncertainty over U.S. interest rates “continue to cast a shadow over the markets, especially heading into crucial price data out of the States late in the week ahead.”
“The inflation picture is becoming murkier because of the rally in oil prices following the latest exchange of strikes between the U.S. and Iran in the Strait of Hormuz,” Rodda said.
“The military activity is maintaining a significant risk premium in energy markets amidst the heightened possibility of deeper and more protracted disruptions to global supply.”
Canada’s retaliatory tariffs on U.S. goods took effect just after midnight Tuesday as Prime Minister Mark Carney increased economic pressure on his country’s biggest trading partner after negotiations collapsed last month.
Stocks finished lower Friday after an unexpectedly strong jobs report boosted investors’ expectations for a September rate hike by the Federal Reserve, sending Treasury yields higher.
