Stock market today: Dow, S&P 500, Nasdaq futures slip amid rising oil prices

US stocks fell on Tuesday amid escalating trade war tensions between the US and Canada, as well as rising oil prices and inflation concerns at the beginning of the shortened holiday week. The Dow Jones Industrial Average (Dow) lost 1.1%, while the S&P 500 (S&P) declined by roughly 0.5%. The Nasdaq Composite (Nasdaq) slipped 0.3% as investors kept an eye on upcoming inflation data and Oracle earnings.

Rising oil prices put pressure on the markets, with Brent crude oil futures nearing $100 per barrel and US benchmark WTI crude trading above $93 per barrel. Fears of a potential Middle East conflict in the Strait of Hormuz and an ongoing war have renewed concerns about inflation and a possible Federal Reserve rate hike this month.

Canada has imposed tariffs of up to 50% on some US goods, affecting approximately $20 billion in US products, including dairy, steel, and wood products. The tariffs took effect on Tuesday, further fueling market uncertainty.

The highlight of the earnings calendar is Oracle's earnings report, which investors are eagerly awaiting. Meanwhile, GameStop (GME) reported its earnings on Tuesday. Semiconductor stocks experienced mixed results, with some offsetting the overall market weakness.

Investors' focus turned to the upcoming Consumer Price Index report, which will provide insights into inflation trends. A rate hike decision by the Federal Reserve is expected at the upcoming policy meeting. Hewlett-Packard (HPQ) shares surged 9% after the tech giant announced plans to raise prices, while Oracle (ORCL) shares also gained ahead of its earnings announcement.

Copper prices reached new highs as investors anticipated supply tightening and escalating tariffs. Copper futures on the Comex exchange in New York were near $6.85 a pound, while copper on the London Metal Exchange touched $14,617 a metric ton, achieving a second consecutive intraday record. Copper has risen roughly 21% year-to-date, with trading hubs in other locations witnessing a decline in copper supplies.

Gold prices fell amid rising Treasury yields and expectations of a rate hike, with the precious metal losing 10% in August. However, some Wall Street strategists remain optimistic about gold's long-term investment potential.