US Stocks Waver as $100 Oil Fans Inflation Fears: Markets Wrap
(Bloomberg) — US equity futures struggled for direction in a market where inflation worries are the primary focus, with Brent crude crossing $100 a barrel.
S&P 500 futures were little changed. Their counterparts for the Nasdaq 100 were 0.1% higher, echoing a rally in Asian technology shares that lost some momentum as the session progressed. Consumer goods and other sectors sensitive to the economy dragged Europe’s Stoxx 600 down 0.4%.
Rising crude prices continued to cloud broader market sentiment. In the latest escalation in the Middle East, US forces destroyed five Iranian tankers carrying crude oil in response to two attempts to hit a US Navy warship with ballistic missiles. Tehran responded by firing missiles at Jordan and warning ships in the Persian Gulf.
Treasuries were little changed as traders waited for the Treasury Department to announce the size of Thursday’s buyback operation for outstanding 10-year and 20-year bonds. Treasury Secretary Scott Bessent has been looking to restrain US yields through the repurchase program.
For oil prices, “the path of least resistance is a strong and steady grind higher,” said Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets. “The fundamental picture for products remains bullish, with global inventories and reserves deteriorating. In the typical pattern, the US and Iran continue their counterattacks and warnings.”
Elsewhere, the yen strengthened for a third day after Bessent challenged traders to counter his efforts to strengthen Japan’s currency, saying when he makes market calls these days he’s effectively doing so with inside information. The yen advanced 0.4% to 153.40 per dollar, while Bloomberg’s gauge of the greenback slipped 0.1%.
Corporate News:
Inditex SA sales continued to grow at a strong clip at the start of the third quarter, signaling that the Zara owner is reeling in shoppers. Kioxia Holdings Corp.’s top executive brushed aside the likelihood of deeper ties with rival and stakeholder SK Hynix Inc., while pledging to keep surging memory prices at bay to avoid denting long-term AI demand. Apple Inc. is set to debut a roughly $2,000 foldable iPhone Duo on Wednesday as part of a wide-ranging product event. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.4% as of 8:26 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures rose 0.2% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.3% The MSCI Emerging Markets Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.1% to $1.1638 The Japanese yen rose 0.4% to 153.33 per dollar The offshore yuan was little changed at 6.7048 per dollar The British pound rose 0.1% to $1.3559 Cryptocurrencies
Bitcoin rose 1% to $79,238.29 Ether rose 1.1% to $2,510.15 Bonds
The yield on 10-year Treasuries advanced one basis point to 4.80% Germany’s 10-year yield advanced one basis point to 3.38% Britain’s 10-year yield advanced one basis point to 5.19% Commodities
Brent crude rose 2.2% to $100.05 a barrel Spot gold rose 1.1% to $4,406.03 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Nicholas Reynolds.
©2026 Bloomberg L.P.
