US stock futures fall, oil tops $99; ASML, Novartis and other stocks in focus

US stock futures fell Tuesday, with the Dow, S&P 500 and Nasdaq 100 all trading lower, extending Friday's closing declines.

US markets reopened after the Labor Day holiday, with Brent crude futures climbing above $99 per barrel, driven by Monday's record holiday-high national gasoline price of $4.15 per gallon. In response to the oil surge, President Donald Trump posted on Truth Social that oil prices "will drop sharply" once the conflict with Iran ends, predicting prices would fall to "$3 per gallon and eventually below $2 per gallon."

This week, investors will focus on Friday's August Consumer Price Index report, as well as Apple's highly anticipated product launch event on Wednesday, with expectations of new iPhone 18 models.

Meanwhile, the 10-year US Treasury yield stood at 4.81%, and the two-year yield at 4.38%. CME Group's FedWatch tool projections showed markets pricing in a 60.4% probability of a Federal Reserve rate hike at the September meeting.

Index performance ## Dow Jones -0.88% ## S&P 500 -0.41% ## Nasdaq 100 -0.24% ## Russell 2000 -0.57%

SPDR S&P 500 ETF Trust and Invesco QQQ Trust ETF, which track the S&P 500 and Nasdaq 100, traded lower Tuesday. SPY fell 0.33% to $767.68, while QQQ declined 0.093% to $718.29.

Stock highlights ## Co-Diagnostics Co-Diagnostics Inc. surged 11.56% after the company announced that its Chief Financial Officer Brian Brown is departing and appointed Daniel Bohrer as CFO.

Novartis Novartis AG plunged 12.77% after the company disclosed that its pelacarsen Phase III LpHORIZON trial did not meet its primary endpoint.

ASML Holding ASML Holding NV rose 1.57% as the company, together with Taiwan Semiconductor Manufacturing Company, launched an industry collaboration initiative aimed at advancing the transition to 12-inch photomasks to maximize the value of high-NA EUV lithography technology.

iSpecimen iSpecimen Inc. surged 27.92% after the company announced plans to acquire Foldlab AI assets for $4.5 million.

Casey's General Stores Casey's General Stores Inc. rose 3.16%, with analysts expecting the company to report quarterly earnings per share of $6.75 and revenue of $5.57 billion after the close.

Previous session recap Industrial sectors and tech stocks bucked the trend higher, while healthcare, consumer discretionary and energy sectors led the majority of declining sectors lower.

Index performance Close ## Dow Jones -0.51% 53,414.25 ## S&P 500 -0.38% 7,718.60 ## Nasdaq Composite -0.29% 26,506.99 ## Russell 2000 0.25% 2,975.65

Analyst commentary Ryan Detrick, chief market strategist at Carson Group, remains notably optimistic on US equities, believing strong momentum could help the market withstand traditional seasonal weakness.

While acknowledging post-holiday headwinds — such as the major indices' nine-year losing streak on the Tuesday after Labor Day — and that September has historically been called "the worst month of the year," Detrick emphasized that solid fundamentals and market breadth paint a more upbeat outlook for 2026.

"Yes, September has historically been the worst month of the year. Get ready to hear that repeated all next week. But when August closes higher and the year has started solidly, things look quite good," Detrick posted on X.

Detrick highlighted historical data since World War II, noting that when the S&P 500 posted double-digit gains for the year and a positive August return, September averaged a 1.0% gain, with the final four months closing higher in 10 of 11 instances.

He pointed to technical support, advising investors to maintain a net positive stance: "Prior highs or prior resistance should become new support," which would keep the overall market trajectory intact.

Upcoming economic data Here is the data investors will be watching closely this week.

Tuesday, August NFIB Small Business Optimism Index data will be released before 6:00 AM ET, and July consumer credit data at 3:00 PM ET.

No data releases are scheduled for Wednesday.

Thursday, initial jobless claims for the week ending September 5, August PPI, core PPI MoM, and PPI YoY will all be released at 8:30 AM ET.

July monthly wholesale trade data and the August existing home sales report are both due at 10:00 AM ET.

Friday, August CPI, core CPI MoM, CPI YoY, and core CPI YoY will be released at 8:30 AM ET.

The September University of Michigan consumer survey preliminary reading is due at 10:00 AM ET, and the August monthly Treasury statement will be released at 2:00 PM ET.

Commodities, crypto and global equity markets In early New York trading, WTI crude futures moved higher, up 3.26%, hovering around $94.46 per barrel.

Spot gold rose 0.30%, hovering around $4,393.40 per ounce. The US dollar index spot fell 0.20% to 98.9750.

Meanwhile, Bitcoin fell 1.30% over the past 24 hours to $78,400.28.

Asian markets traded lower Tuesday, with Hong Kong's Hang Seng, Japan's Nikkei 225, South Korea's Kospi, China's CSI 300, Australia's ASX 200 and India's Nifty 50 all declining. European markets also traded lower in early trading.

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