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Oil jumps after Iran conflict sparks pullback in major US indexes
The S&P 500 dropped 0.7% and the Nasdaq slid 1.0% by 10:30 a.m. ET as the 10-year Treasury yield rose to 4.63% from 4.61% on Tuesday.
US stock benchmarks fell on Wednesday as rebounding crude oil prices weighed on investor sentiment ahead of the Federal Reserve’s interest rate decision, according to LiveMint Markets. By 10:30 a.m. Eastern Time, the S&P 500 was down 0.7%, the Dow Jones Industrial Average fell 1.4%, and the Nasdaq Composite declined 1.0%.
The report said participants largely expect the Fed to keep rates steady. Data from CME Group showed about 64% of traders expect no change at the meeting, with roughly an 80% chance of a rate hike priced for September.
Energy markets rallied after renewed conflict involving Iran, which heightened supply chain concerns. LiveMint Markets reported that Brent crude surged 6% to $87.01 per barrel after Iranian forces fired missiles at U.S. targets, following joint U.S. and Saudi airstrikes against Tehran-aligned militias in Iraq, and bond yields moved higher in step.
Tech stocks fell while select companies posted gains tied to company-specific updates. Nvidia dropped 2.6%, Advanced Micro Devices fell 4.4%, and Micron Technology slid 3.7%, while Seagate Technology rose 5.4% after forecasting results above estimates and Ford gained 6.3% after raising its annual profit outlook again; meanwhile, spot gold edged down 0.2% to $4,020.69 per ounce as Treasury yields and the dollar firmed.
Latest closeGold $4,157.80 ▲0.4%|WTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%