
Traders work on the floor of the New York Stock Exchange (NYSE) on July 21, 2026 in New York City.
Stock futures fell early Wednesday, pressured by a rise in oil prices, as investors looked ahead to another busy day of corporate earnings.
Futures tied to the Dow Jones Industrial Average dipped 31 points, or less than 0.1%. S&P 500 futures and Nasdaq-100 futures were down 0.3% and 0.6%, respectively.
Brent crude futures rose 4.8% to $94.93 per barrel, hitting their highest levels in over a month and briefly topping $95. West Texas Intermediate futures climbed more than 4% as well to $88.12 per barrel.
Oil prices traded higher following the 11th straight round of U.S. strikes against Iran, with Secretary of State Marco Rubio saying Iran is "not serious about talks."
"If they're serious, we're serious. If they're not, then we will do what is necessary to protect our interests and also the interests of our allies," he said.
Traders have kept an eye on oil as they fear it could keep consumer goods prices elevated — which may lead the Federal Reserve to raise rates.
As of Wednesday morning, fed funds futures were pricing in a 24.1% chance of a rate hike from the Fed this month, and a 69% chance of at least a quarter-point hike in September, according to the CME's FedWatch tool.