Stock Market Today: S&P 500, Dow, Nasdaq 100 Futures Fall as Oil Tops $99 Despite Trump’s Price Drop Prediction— ASML, NVS, CASY in Focus (UPDATED)
Key takeaways
- Oil’s jump to $99 a barrel and cautious futures set a mixed tone for the month, while Trump’s prediction of a sharp price drop adds uncertainty to commodity expectations.
- Oil futures above $99 per barrel
- NFIB Small Business Optimism Index 98.7
- 10‑year Treasury yield 4.81%
What happened
U.S. stock futures fell on Tuesday as the Dow, S&P 500 and Nasdaq 100 slipped after a lower close on Friday. Oil prices jumped above $99 a barrel, driven by record holiday gas prices, while President Trump warned that oil would drop sharply once the Iran conflict ends. The day also saw mixed moves in the SPY and QQQ ETFs and sharp swings in individual stocks such as ASML, Novartis and Co‑Diagnostics.
Why it matters
The decline in futures signals a cautious start to the month, reflecting concerns over higher oil costs and weaker small‑business sentiment. Oil’s rise adds pressure on energy‑heavy sectors and could lift the benchmark indices if the market reacts to higher input costs. Trump’s comments may influence short‑term oil…
Short-term and longer-term
Short-term. Short‑term traders should monitor the oil price trajectory and the 10‑year Treasury yield, as both can sway the energy and tech sectors.
Longer-term. Over the next few weeks, the market will be influenced by the August CPI data and Apple’s new iPhone launch.