US stocks dip as oil jumps above $90 ahead of key inflation data from Fed.

US stock futures fell as oil prices surged above $90 due to renewed US-Iran tensions and military strikes. Investors await the April Personal Consumption Expenditures (PCE) inflation report, which will influence Federal Reserve rate decisions under new Chair Kevin Warsh. A hotter inflation reading could push Treasury yields higher and pressure growth stocks, while a cooler number might support further market gains. The recent diplomatic progress with Iran reversed after US strikes, keeping oil prices elevated and inflation concerns high, impacting market sentiment ahead of the data release.