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Stock market today: Dow, S&P 500, Nasdaq futures hold steady as oil prices near $100

US stock futures were little changed in premarket trading on Wednesday as oil prices continued their journey upward and traders shifted their expectations of a Fed rate hike in September.

Futures on the Dow Jones Industrial Average (YM=F) slipped below the flat line after a downbeat session on Tuesday that saw the Dow lose over 600 points. Those on the S&P 500 (ES=F) traded near the flat line, while contracts for the Nasdaq-100 (NQ=F) gained 0.2%.

Oil prices are once again approaching triple digits for the first time in over a month after fighting between the US and Iran escalated and the US struck five Iranian oil tankers. Brent crude oil futures (BZ=F), the global benchmark, traded at $99 per barrel, while US benchmark WTI crude (CL=F) stood at $94 per barrel.

Concerns that energy supply disruptions stemming from the war in the Strait of Hormuz will persist fed into bets that the Federal Reserve will raise interest rates next week. Traders now see a 60% chance of a 25 basis point hike this month, according to CME Group, up slightly from the odds a day ago.

Inflation concerns took priority with fewer earnings reports to digest. On Wednesday, however, Chewy (CHWY) and American Eagle Outfitters (AEO) will provide quarterly updates and insights into consumer spending.

Apple (AAPL) will also kick off a new era on today when CEO John Ternus takes the stage for the first time for the company’s annual iPhone launch event.

LIVE 1 update

  • Bessent: We can grow our way out of debt with 3% GDP growth

    Yahoo Finance’s Jennifer Schonberger reports:

    Treasury Secretary Scott Bessent said Tuesday that he believes the US can grow its way out of debt if it can achieve annual economic growth of 3%.

    “We don’t have a revenue problem. We have a spending problem,” Bessent said during a Q&A at SMU Cox School of Business in Dallas. He said if the US tries to contain spending coupled with 3% growth, “we [can] grow our way out of this.”

    The total US national debt recently surpassed $40 trillion, and the annual fiscal deficit is projected to top $2 trillion by the end of the fiscal year on Sept. 30.

    “We’ll get to the other side of this Iran conflict and the underlying economy is very, very strong, and I think reaccelerating,” he added, pointing to how incentives in the big tax law passed last year are leading to new construction of manufacturing plants, pointing to Pepsi (PEP) expanding a Frito-Lay plant in Arizona, Winnebago (WGO) buying a battery plant, and Boeing (BA) increasing capacity of its Dreamliner.

    Read more.

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