Wall Street futures pointed lower pre-bell Monday as mounting concerns regarding AI development met rising oil prices, underscored by a growing consensus the US central bank will raise rates this week.

In the futures, the S&P 500 fell 0.7%, the Nasdaq declined 1.6% and the Dow Jones was off 0.1%.

Traders look ahead to the Federal Reserve policy session that starts Tuesday and culminates with a rate announcement on Wednesday. There is an 86.5% chance the Fed will raise rates by 0.25%, according to the CME Group FedWatch indicator.

Undercutting AI-related shares, Anthropic CEO Dario Amodei posted on social media platform X on Saturday that AI development should be slowed, while OpenAI CEO Sam Altman said his company will not go public in 2026 in an interview posted Saturday by Fortune magazine.

The VanEck Semiconductor fund (SMH) traded down more than 4% pre-bell.

West Texas Intermediate crude oil traded up 2.5% to $102.60 a barrel in morning action, following reports that Houthi military forces in Yemen have damaged Saudi Arabian oil exporting pipelines and infrastructure.

Asian exchanges traded mostly lower overnight, and European bourses edged south midday on the continent.

In premarket action, Bitcoin traded at $77,911, and 10-year US Treasuries offered 4.97%. Spot gold commanded $4,293 an ounce.