US stock futures took a breather on Tuesday after a record-setting start to the week, as investors **** sed concerns around a potential oil glut and the dollar's growing strength.
Dow Jones Industrial Average futures (YM=F) hovered above the flat line, after the blue-chip benchmark closed above 52,000 for the first time on Monday. Contracts on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) were also little changed after a rally in tech stocks fueled sharp gains.
Investors are heading into the last trading day of the second quarter and first half of 2026 buoyed by a Supreme Court ruling that left Federal Reserve independence intact, for now, and by the prospect of potential US-Iran peace talks in Qatar starting Tuesday.
At the same time, oil flows through the Strait of Hormuz are recovering faster than expected, prompting a shift from fears of crude shortages to warnings of a looming glut. Oil prices continued to fall, poised for a quarterly drop with Brent (BZ=F) futures trading below $74 a barrel and WTI futures (CL=F) below $71.
The relentless rise in the dollar was also worrying Wall Street, as it pushed the yen to a 40-year low to prompt talk of intervention by **** an. HSBC warned the greenback's rally could become "explosive" if the Federal Reserve hints it's prepared to tighten policy