Stock Market Today: S&P 500, Dow Futures Fall as Oil Tops $99 Despite Trump’s Price Drop Prediction — ASML, NVS, CASY in Focus

U.S. stock futures declined on Tuesday, as the Dow Jones, S&P 500 and Nasdaq 100 indices fell, following Friday’s lower close.

Brent crude futures climbed above $99 per barrel as U.S. markets reopened following the Labor Day holiday, driven by national gas prices hitting a record holiday high of $4.15 a gallon on Monday. Addressing the surge, President Donald Trump posted on Truth Social that oil prices “will drop precipitously” once the conflict with Iran ends, predicting prices will fall to “Three Dollars a gallon, but ultimately, below Two Dollars a gallon.”

This week, investors will look out for the August Consumer Price Index (CPI) report due on Friday and Apple Inc.’s (NASDAQ:AAPL) highly anticipated product release event on Wednesday, which is expected to feature new iPhone 18 models.

Meanwhile, the 10-year Treasury bond yielded 4.81%, and the two-year bond was at 4.38%. The CME Group’s FedWatch tool projections show markets pricing in a 60.4% likelihood of the Federal Reserve hiking interest rates at its September meeting.

Index	Performance (+/-)
Dow Jones	-0.88%
S&P 500	-0.41%
Nasdaq 100	-0.24%
Russell 2000	-0.57%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower on Tuesday. The SPY was down 0.33% at $767.68, while the QQQ declined by 0.093% to $718.29.

Stocks In Focus

Co-Diagnostics

• Co-Diagnostics Inc. (NASDAQ:CODX) soared 11.56% as it announced the departure of its CFO Brian Brown. The company named Daniel Bohrer as principal financial officer.

• Benzinga’s Edge Stock Rankings indicate that CODX maintains a weak price trend in the short, medium, and long terms.

Novartis

• Novartis AG (NYSE:NVS) dropped 12.77% after it disclosed that the pelacarsen phase III Lp(a) HORIZON trial did not meet its primary endpoint.

• Benzinga’s Edge Stock Rankings indicate that NVS maintains a weak price trend in the short term and a strong trend in the long and medium terms, with a good quality score.

ASML Holding

• ASML Holding NV (NASDAQ:ASML) rose 1.57% as it formed a collaborative industry initiative with Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) to drive the transition to 12-inch photomasks, maximizing the value of High NA EUV lithography.

• Benzinga’s Edge Stock Rankings indicate that ASML maintains a strong price trend in the long and medium term but a weak trend in the short term, with a good growth score.

iSpecimen

• iSpecimen Inc. (NASDAQ:ISPC) jumped 27.92% after the company announced plans to acquire Foldlab AI assets for $4.5 million.

• Benzinga’s Edge Stock Rankings indicate that ISPC maintains a weak price trend in the long, short, and medium terms.

Casey’s General Stores

• Casey’s General Stores Inc. (NASDAQ:CASY) was up 3.16% as analysts expect it to post quarterly earnings of $6.75 per share on revenue of $5.57 billion after the closing bell.

• Benzinga’s Edge Stock Rankings indicate that CASY maintains a weak price trend in the short and medium terms but a strong trend in the long term, with a moderate value.

Cues From Last Session

Gaining industrials and tech stocks bucked the trend as health care, consumer discretionary, and energy led most declining sectors lower.

Index	Performance (+/-)	Value
Dow Jones	-0.51%	53,414.25
S&P 500	-0.38%	7,718.60
Nasdaq Composite	-0.29%	26,506.99
Russell 2000	0.25%	2,975.65

Insights From Analysts

Carson Group Chief Market Strategist Ryan Detrick remains notably bullish on the U.S. stock market, arguing that strong momentum could help equities defy traditional seasonal slumps.

While acknowledging post-holiday headwinds—such as the nine-consecutive-year losing streak for major indexes on the Tuesday following Labor Day—and September’s historical reputation as the “worst month of the year,” Detrick emphasizes that strong fundamentals and market breadth paint a far more optimistic picture for 2026.

"Yes, September is historically the worst month of the year. Get ready to hear that a lot next week," Detrick posted on X. "But things do pretty well when August is green and the year is off to a solid start.”

Highlighting historical data since World War II, Detrick notes that when the S&P 500 records a positive August following double-digit year-to-date gains, September averages a 1.0% gain, with the final four months closing higher 10 out of 11 times.

Pointing to technical support, he advises investors to remain net optimistic: "Previous peaks or previous resistance should be new support," keeping the broader market trajectory intact.

Upcoming Economic Data

Here’s what investors will be keeping an eye on this week.

• On Tuesday, August’s NFIB index of small business optimism data will be released by 6:00 a.m., and July’s consumer credit data will be out by 3:00 p.m. ET.

• No data is scheduled to be released on Wednesday.

• On Thursday, initial jobless claims for the week ending Sept. 5, August’s PPI, core PPI month-over-month, and PPI year-over-year data will all be released by 8:30 a.m. ET.

• July’s monthly wholesale trade data and August’s existing home sales report will both be out by 10:00 a.m. ET.

• On Friday, August’s CPI, core CPI month-over-month, CPI year-over-year, and core CPI year-over-year data will be released by 8:30 a.m. ET.

• September’s preliminary University of Michigan consumer survey data will be released by 10:00 a.m., and August’s monthly Treasury balance report will be out by 2:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude Oil WTI futures were trading higher in the early New York session by 3.26% to hover around $94.46 per barrel.

Gold Spot US Dollar rose 0.30% to hover around $4,393.40 per ounce. The U.S. Dollar Index spot was 0.20% lower at the 98.9750 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.30% lower at $78,400.28 per coin over the last 24 hours.

Asian markets were lower on Tuesday as Hong Kong’s Hang Seng, Japan’s Nikkei 225, South Korea’s Kospi, China’s CSI 300, Australia’s ASX 200, and India’s Nifty 50 indices fell. European markets were also lower in early trading.