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Dow futures fall 300 points to start shortened week as oil prices climb
**Wall Street Futures Slide as Middle East War and U.S.-Canada Trade Tensions Weigh on Markets** Dow Jones Industrial Average futures fell 308 points (0.6%) on Monday to kick off a shortened trading week, with Wall Street closely monitoring the escalating Middle East conflict and rising trade tensions between the U.S. and Canada. S&P 500 futures slipped 0.2%, while Nasdaq-100 futures bucked the trend, rising 0.1%. U.S. markets were closed Monday for the Labor Day holiday. In Asia, South Korea's Kospi added 0.75%, while Japan's Nikkei 225 lost 0.95% in early Tuesday trading. Australia's S&P/ASX 200 declined 0.22%. Oil prices surged to six-week highs after Iran and the U.S. exchanged strikes over the weekend. Brent crude traded 1.1% higher at $97.31 per barrel, while West Texas Intermediate climbed 1.3% to $92.66. Crude prices have risen sharply over the past month as the U.S.-Iran war continues, pushing Treasury yields higher on inflation concerns. The benchmark 10-year note yield last week hit its highest since November 2023, while the 2-year yield reached a January 2025 high. "A run of central bank meetings over the coming weeks will test whether equity composure holds," said Ed Yardeni, president of Yardeni Research. "Bond yields are also rising worldwide. The question is whether that reflects better-than-expected economic growth, higher-than-expected inflation, and/or looming fiscal debt crises." The Federal Reserve is due to hold a monetary policy meeting next week. Traders are pricing in a 60% chance of a quarter-point rate hike, according to the CME Group's FedWatch tool. Those odds could shift with wholesale and consumer inflation data due Thursday and Friday, respectively, and further oil price jumps as Middle East tensions escalate. Traders also face renewed U.S.-Canada trade tensions. Retaliatory tariffs from Canada on about $20 billion of U.S. goods take effect Tuesday. President Donald Trump said Monday that Canadian aircraft manufacturer Bombardier cannot sell in the U.S. unless it begins making products in the U.S., posting on Truth Social: "NO MORE SELLING BOMBARDIER IN THE UNITED STATES!"