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Oil jumps on US-Iran tensions as Wall Street turns mixed ahead of earnings
The 10-year Treasury yield rose to 4.65% from 4.63% Tuesday, while Super Micro surged after announcing more than $60 billion in new orders for its fourth quarter.
Wall Street traded mixed on Wednesday as investors stayed cautious ahead of earnings from major technology companies, including Alphabet and Tesla, the first batch of the “Magnificent Seven” to report after the closing bell, LiveMint Markets said. The Dow Jones Industrial Average rose 238.09 points, or 0.46%, to 52,462.73, the S&P 500 was up 2.28 points, or 0.03%, at 7,511.48, and the Nasdaq Composite fell 65.06 points, or 0.25%, to 25,772.14.
Crude prices rose sharply as escalating tensions between the United States and Iran fed concerns about potential disruptions to global energy supplies. Brent crude climbed 3.1% to $93.83 per barrel, after briefly topping $95, following reports of US strikes on Iran's Larak Island near the Strait of Hormuz.
Market participants were also watching the fixed income and commodities backdrop. The yield on the 10-year Treasury rose to 4.65% from 4.63% on Tuesday.
In company news, Super Micro Computer jumped 22.4% after disclosing it had secured more than $60 billion in new orders for the fourth quarter, supporting optimism about ongoing demand for AI infrastructure. Spot gold gained 1.3% to $4,130.59 per ounce by 08:32 a.m. EDT, according to the report.
Latest closeGold $4,117.00 ▲1.1%|WTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%