Futures dip as oil rally fuels inflation worries

Published by
Reuters

By Shreyashi Sanyal (Reuters) – U.S. stock index futures slipped on Monday as surging commodity prices added to inflation worries, which could cloud the earnings season set to start with Wall Street banks later this week. Rising raw material costs, labor shortages and other supply chain bottlenecks have raised concerns of elevated prices denting corporate profit. U.S. oil rose nearly 3% and touched a seven-year high as an energy crisis gripping the major economies showed no sign of easing. But it lifted shares of Chevron Corp, Exxon Mobil Corp and APA Corp between 1.2% and 3% in premarket trad…

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