Stock Futures Extend Losses as Oil, Bond Yields Climb

Stock futures are looking to extend yesterday's losses, with all three major indexes down double digits ahead of the open. Surging oil prices are continuing to weigh on Wall Street, as well as a rising 10-year Treasury yield, last seen at 4.27%.

There's also increased inflation speculation over what the Fed will do at its meeting later this month, especially with a new Beige book report due out later today. Elsewhere, the U.S. trade deficit widened a narrower-than-expected 2% to $65 billion in July, as exports rose for the first month in four. 

Continue reading for more on today's market, including: 

• August pullback could be short-lived, per Schaeffer's Senior V.P. of Research Todd Salamone.  
• Earnings ahead for underperforming DocuSign stock. 
• Plus, ZS's puzzling drop; TOST upgraded; and ROKU cuts workforce.  

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 1.2 million call and 936,162 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.74 and the 21-day moving average remained at 0.65.
2. Zscaler Inc (NYSE:ZS) is down 1.5% premarket, despite the software company's fiscal fourth-quarter earnings beat and strong outlook, as well as a flood of price-target hikes from analysts. Investors are instead focusing on prepared remarks from Chief Executive Jay Chaudry, who noted a challenging macro environment. Heading into today, ZS is up 45.4% since the start of the year. 
3. Toast Inc (NYSE:TOST) is up 5% in electronic trading, after an upgrade from UBS to "buy" from "neutral." The analyst in coverage cited margin expansion, among other things. The fintech stock is up 20.2% in 2023. 
4. Roku Inc (NASDAQ:ROKU) is up 9.6% before the bell, after news that the company is cutting 10% of its staff. The streaming service also lifted its current-quarter guidance as it expects to trim other expenses. Headed for its sixth-straight day of gains, ROKU is up 105.7% since January. 
5. See what economic data is scheduled for the rest of the week. 

Oil Weighing on European Stocks as Well

In a mixed day of trading for the major Asian bourses, Japan’s Nikkei locked in its seventh-straight win with a 0.6% pop. China’s Shanghai Composite gained 0.1% after real estate giant Country Garden avoided default with a $22.5 million bond coupon payments, while Hong Kong’s Hang Seng marked a fractional loss despite shares of Evergrande -- its biggest retail name -- jumping 54%. Rounding out the region, South Korea’s Kospi lost 0.7%.

The volatile oil market is weighing on European markets today, with France’s CAC 40 shedding 0.8% to lead the region’s losses. London’s FTSE 100 is lagging just behind with a 0.7% midday drop. Meanwhile, in Germany, the DAX is 0.5% lower after new manufacturing orders experienced 11.7% month-on-month and 10.5% year-over-year drops in July.