FX.co ★ US Futures Steady After Losing Session

US stock futures steadied on Wednesday after the major indexes retreated in the previous session, weighed down by rising oil prices that intensified worries about inflation and the prospect of higher interest rates. The market moves followed US strikes on five Iranian tankers near Kharg Island, carried out in response to attempted missile attacks on a US warship. Investors are also looking ahead to key US inflation data due this week, which could offer further clarity on the Federal Reserve’s rate trajectory ahead of its meeting next week. Futures markets are currently assigning roughly a 60% probability to a 25-basis-point rate increase. In Tuesday’s regular session, the Dow lost 1.18%, while the S&P 500 and Nasdaq Composite declined 0.58% and 0.32%, respectively. Credit-sensitive software names came under pressure, with Microsoft down 1.1%, Palantir off 2.3%, and Amazon slipping 0.6% ahead of its sterling bond issuance.