Markets Brace for $100 Oil, Fed Decision, and Apple’s Foldable iPhone Launch

Key Highlights

• Dow Jones futures declined 0.13% on Wednesday following Tuesday’s 600-point selloff
• Brent crude touched $100 per barrel for the first time since July following military strikes on Iranian oil vessels
• Federal Reserve rate increase probability climbed to 60% for this month’s policy meeting
• The benchmark 10-year Treasury yield edged higher to 4.8% during morning sessions
• Apple prepares to introduce its first foldable iPhone model at Wednesday’s annual showcase

Equity index futures showed minimal movement during Wednesday’s premarket hours as crude oil approached the $100 threshold and inflation concerns intensified following recent American military operations against Iranian petroleum vessels.

Futures contracts for the Dow Jones Industrial Average retreated 0.13% following Tuesday’s challenging session that witnessed a decline exceeding 600 points. S&P 500 futures hovered around unchanged levels, while contracts tied to the Nasdaq 100 advanced 0.2%.

Crude Markets Rally Following Iranian Vessel Strikes

Brent crude momentarily surpassed the $100 per barrel mark for the first time in over two months, triggered by US military operations that destroyed five Iranian petroleum tankers within the Strait of Hormuz. The American benchmark, WTI crude, traded at $94 per barrel.

BREAKING: Iran’s IRGC announces it carried out the single largest attack in the Strait of Hormuz of the war, striking 10 vessels in retaliation for tonight’s US strikes on 5 Iranian oil tankers.

The IRGC says it struck 8 oil tankers attempting to pass through the Strait and the…

— The Hormuz Letter (@HormuzLetter) September 9, 2026

The intensification of military tensions between Washington and Tehran sparked worries regarding potential disruptions to global energy supplies. These supply anxieties are translating directly into elevated inflation forecasts.

Market participants are closely monitoring Friday’s release of the August consumer price index report, maintaining inflation as a primary concern throughout this trading week.

Federal Reserve Policy Expectations Shift Higher

Market positioning now reflects a 60% probability that the Federal Reserve will implement a 25 basis point interest rate increase during next week’s policy gathering. This represents an uptick from probabilities observed just one session earlier, based on CME Group data.

Climbing petroleum prices are driving borrowing expenses upward throughout financial markets. The 10-year Treasury note yield increased by 1 basis point to reach 4.8% during early Wednesday activity.

Deutsche Bank’s Jim Reid observed that escalating energy costs are suppressing investor risk appetite. He emphasized that inflationary dynamics continue to exert pressure across multiple asset categories.

Counter to broader market hesitation, artificial intelligence-related equities demonstrated resilience. Chipmaker Qualcomm and storage provider Sandisk both gained ground in premarket activity, contributing to the Nasdaq futures advance.

Apple Product Launch Takes Center Stage

Apple is conducting its yearly product presentation Wednesday, featuring CEO John Ternus in his debut keynote appearance. Market observers broadly anticipate the company will reveal its foldable iPhone design.

Technology sector announcements may ultimately serve as Wednesday’s primary market driver, potentially providing respite from macroeconomic headwinds affecting investor confidence.

Corporate earnings releases are also scheduled. Chewy and American Eagle Outfitters will both deliver quarterly financial results Wednesday, offering insights into consumer expenditure trends.

Financial markets continue navigating uncertainty as participants weigh escalating energy expenses, prospective central bank action next week, and crucial economic indicators arriving later this week.