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Investors Pull Back Amid Geopolitical and Inflation Concerns

Stock futures are slightly lower as investors close out August with renewed geopolitical and inflation concerns. The pullback follows renewed fighting between the U.S. and Iran, which has pushed oil sharply higher and raised concerns about another inflationary shock.Brent crude has climbed above $90 a barrel, while WTI is around $86, after U.S. forces struck Iranian rocket launchers near the Strait of Hormuz and Iran retaliated against U.S. forces in the region.Markets are now pricing roughly a 60% probability of a September rate hike, up from about 41% a week ago. Fed Chair Kevin Warsh's hawkish Jackson Hole comments, combined with renewed energy-price pressures, have pushed investors to reconsider expectations for monetary easing.The market is nevertheless finishing a strong August. The S&P 500 is up roughly 3% for the month, the Nasdaq about 4% and the Dow about 2%, according to premarket data. The gains have been driven largely by technology and AI stocks. Attention now turns to a data-heavy first week of September. The ISM manufacturing report is due Tuesday, followed by the August employment report Friday. The jobs report will be particularly important for the Fed after July's disappointing payroll reading, with economists expecting employment to rebound in August.In pre-market trading, S&P 500 futures fell 0.36%, Nasdaq futures fell 0.32% and Dow futures fell 0.37%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -SLBup 1% after signing an agreement to acquire Kelvion for $3.4B in cashUP AFTER EARNINGS -SAICup 11%BioLineRxup 9%GameStopup 3%UP AFTER RENEWED STRIKES IN THE MIDDLE EAST -Halliburtonup 2%Chevronup 2%Valeroup 2%Occidentalup 2%Exxon Mobilup 2%LOWER -PG&E, Edison Internationaland Sempra Energydown 16%, 15% and 3%, respectively, afterCalifornia lawmakers are barring Governor Gavin Newsom from moving forward with his plan to prevent insurers in the state from recouping their losses from investor-owned utilities that cause a catastrophic wildfireTela Bio (TELA) down 5% after announcing that Roberto Cuca, COO and CFO, will step down from the role effective immediatelyPinterestdown 3% after disclosing that Julia Brau Donnelly, CFO, submitted her resignation to Pinterest to pursue another opportunityAon plcdown 1% after entering a definitive agreement to acquire USI from KKRand other shareholders for a total purchase price of $17B