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Stocks climb as US-Iran tensions ease and crude falls
The move pushed the 10-year T-note yield down 3 basis points to 4.65%, while September WTI futures fell more than 5% on eased Middle East risk.
US equities rose on Monday as geopolitical risk between the US and Iran eased for a third straight day, helping lift broader stock and bond markets, according to Yahoo Finance.
The S&P 500 rose 0.65%, the Dow Jones Industrial Average gained 1.08% to post a 1-week high, and the Nasdaq 100 added 0.56%. September E-mini S&P futures were up 0.65%, and September E-mini Nasdaq futures were higher by 0.60%.
Crude oil prices fell sharply as the US and Iran held off attacks, with the outlet citing US ambassador to the United Nations Mike Waltz saying the US was giving diplomacy “some space.” The drop in oil also dragged the 10-year T-note yield down 3 basis points to 4.65%.
Beyond geopolitics, Yahoo Finance pointed to supportive US economic data, including stronger-than-expected gains in June nondefense capital goods new orders excluding aircraft and parts, up 0.9% month over month versus 0.7% expected. The market also looked ahead to Q2 earnings this week, including results from megacap technology companies such as Amazon, Meta Platforms, and Microsoft.
Latest closeWTI crude $81.23 ▼1.7%|S&P 500 7,428.78 ▲0.2%|Nasdaq Comp. 24,876.91 ▼0.2%