Wall Street Poised To Slide Again At Open

Wall Street was set to open sharply lower as U.S. futures pointed to declines after the U.S. seized an Iranian-flagged cargo ship and talks to resolve the Middle East crisis were put on hold. Rising oil supply risks pushed Brent crude up roughly 6% toward $96/barrel, boosting energy-driven market risk. S&P 500 futures were down about 33.25 points and Dow futures down 251 points by 7:55 a.m. ET, despite major U.S. averages finishing Friday with strong gains. Gold weakened as the dollar strengthened, with spot gold slipping to about $4,795/oz. Markets were also watching upcoming 3- and 6-month Treasury auctions. Asian bourses were mostly higher, with gains in Shanghai, Hong Kong and Tokyo. Overall, geopolitical tensions and higher oil prices were weighing on U.S. open, suggesting near-term downside pressure on the S&P 500.