U.S. Stocks May See Initial Weakness As Crude Oil Prices Jump

Following the long Labor Day weekend, stocks are likely to move to the downside in early trading on Tuesday. The major index futures are currently pointing to a lower open for the markets, with the S&P 500 futures down by 0.2 percent.

The downward momentum on Wall Street comes amid a sharp increase by the price of crude oil due to the continued escalation of the conflict in the Middle East.

U.S. crude oil futures are jumping by nearly 2 percent after the U.S. struck three Iranian crude oil carriers over the weekend after Iran launched ballistic missiles toward two U.S. Navy warships patrolling regional waters.