September S&P 500 futures (ESU23) are down -0.23%, and September Nasdaq 100 E-Mini futures (NQU23) are down -0.37% this morning as investors worried that higher oil prices might lead to increased inflation and potentially hinder the outlook for global economic growth.
In Tuesday’s trading session, Wall Street’s major indexes closed in the red. Homebuilder stocks retreated after the yield on the 10-year Treasury note climbed to a 1-week high, with Lennar Corporation (LEN) plunging over -4% and Toll Brothers Inc (TOL) slumping more than -5%. In addition, Xylem (XYL) fell over -4% following the announcement that CEO Decker will retire at the end of the year, with COO Pine slated to take over as CEO. On the bullish side, Airbnb Inc (ABNB) surged more than +7% and was the top percentage gainer on the tech-heavy Nasdaq 100 after being added to the S&P 500. Energy stocks also gained ground as the price of WTI crude rose over +1% to a 10-month high on more supply cuts from Saudi Arabia and Russia.
