Wall Street set for sharp losses as oil surge stokes inflation fears

U.S. stock futures fell sharply Monday as rising oil prices stoked inflation fears and pushed Treasury yields higher, with Dow futures dropping 305 points and Nasdaq 100 futures down about 1% ahead of the opening bell. Brent crude climbed toward $108 per barrel after President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, though further talks are expected this week. Investors are also bracing for U.S. inflation and jobs data that could determine whether the Federal Reserve raises rates again in October following its September hike. Long-term Treasury yields remained elevated near 5.2% for the 10-year and 5.51% for the 30-year, pressuring growth stocks. Meanwhile, Meta fell about 1.4% in pre-market trading, while Tesla rose roughly 1.8% ahead of its third-quarter delivery report.