Before the bell: oil drops on Hormuz report, futures edge up, 10-year yield near 4.94%

U.S. stock futures were slightly higher early Tuesday after Monday's rally, which gave the Nasdaq Composite its first record close since June. Around 7 a.m., Dow futures were up about 0.3% and S&P 500 and Nasdaq-100 futures were up less than 0.1%, Yahoo Finance reported. Russell 2000 futures were up about 0.5%. Live levels are on our markets board.

Oil swings lower on a Hormuz report

Crude rose early after Treasury Secretary Scott Bessent told CNBC that all Iranian airlines will be shut down from Wednesday, then reversed. Japan's Kyodo news agency reported that Iran had offered to reopen the Strait of Hormuz within seven days, and Reuters later carried a similar report citing a single source, CNBC reported. As of 6:12 a.m., Brent was down 2.75% at $97.58 and October WTI was down 3.53% at $92.40. Iran's president is due at the UN General Assembly in New York this week, so headlines can move oil either way. Chart: crude oil.

Yields ease, Fed speakers in focus

The 10-year Treasury yield was about 4.943% shortly after 5 a.m., down 2 basis points, and the 2-year was 4.741%, per CNBC. The Treasury's official Monday close was 4.96% on the 10-year and 4.76% on the 2-year (Treasury data). Chicago Fed President Austan Goolsbee said in London that if demand overheats "there is no ambiguity about how the Fed needs to respond." Background: last week's hike to 3.75%-4%. Chart: 10-year T-note.

On the calendar

No major government data today. Fed Vice Chair Philip Jefferson speaks at the New York Fed's Treasury Market Conference at 10:20 a.m. ET, and ADP's weekly employment figures are due at 1:15 p.m., according to CNBC. AutoZone and KB Home report earnings today, per Yahoo Finance. Flash PMIs come Wednesday and jobless claims Thursday. See our calendar.

Movers

• Alibaba: up about 3% in Hong Kong after unveiling its Zhenwu V900 AI chip, which it says triples its predecessor's performance, and a plan to take cloud data center capacity past 20 gigawatts by 2032, CNBC reported.
• Meta: shares jumped 11% on Monday and the Roundhill Magnificent Seven ETF hit an all-time high, per Yahoo Finance. Our story: Meta's Muse move.
• Bitcoin: $85,990 on Coinbase at 7:16 a.m., up 1.3% from its 24-hour open, with Ether at $2,741. Spot bitcoin ETFs took in nearly $1 billion on Monday, CoinDesk reported.

Sources: Yahoo Finance, CNBC, CoinDesk, U.S. Treasury, Coinbase Exchange via Chronicle market data at 7:16 a.m. ET. Futures and premarket prices change quickly. This is market information, not investment advice.