Stock market today: Dow leads S&P 500, Nasdaq futures lower amid rising oil prices

US stock futures slipped on Tuesday as the US and Canada's trade war escalated and rising oil prices and inflation jitters took focus at the start of the holiday-shortened week.

Futures on the Dow Jones Industrial Average ( YM=F ) declined by 0.8%, while those on the S&P 500 ( ES=F ) fell 0.2%. Contracts for the Nasdaq-100 ( NQ=F ) rose just above the flat line as investors eyed inflation data and Oracle earnings later this week.

Rising oil prices put pressure on markets as Iran said it was close to a deal with Oman to manage traffic through the Strait of Hormuz. Brent crude oil futures ( BZ=F ), the global benchmark, crept toward $100 per barrel, while US benchmark WTI crude ( CL=F ) neared $93 per barrel.

Fears of an ongoing war in the Middle East have revived angst about inflation and a potential Federal Reserve rate hike this month, particularly after Friday's blowout jobs report showed strong job gains in August. Investors are bracing for a fresh Consumer Price Index reading on Friday, which will indicate whether inflation is moving back down toward the Fed's 2% goal or whether it remains a thorn in the central bank's — and consumers' — side.

Adding to market uncertainty, Canada imposed tariffs of up to 50% on some US goods on Tuesday, escalating the trade spat between the two neighboring countries. The like-for-like tariffs affect approximately $20 billion in US goods and target dairy, steel, and wood products, among others.

On the earnings calendar, Oracle ( ORCL ) earnings are the highlight this week. But first, GameStop ( GME ) reports on Tuesday.

With many on Wall Street increasingly worried about a looming market correction, stocks do have one powerful thing going for them.

They remain in a strong long-term uptrend, which usually suggests more good times ahead.