US Stocks Slide With Bonds as Oil Resumes Advance: Markets Wrap
(Bloomberg) — US stocks fell and Treasury yields climbed as hopes for a diplomatic breakthrough in the Iran war dimmed, sending oil prices higher and reigniting inflation worries.
Tehran’s refusal to budge on its seven-day proposal to reopen the Strait of Hormuz and uncertainty over President Donald Trump’s willingness to reach a deal drove Brent crude up 2% toward $106.50 a barrel. The short end of the Treasury curve sold off the most as traders added to bets for US interest-rate hikes, with the two-year yield rising five basis points to 4.90%.
Nasdaq 100 futures fell 1%, while chipmakers were among the biggest decliners in Asian markets. S&P 500 contracts slipped 0.5%. Europe’s Stoxx 600 bucked the broader trend, rising 0.3% as consumer stocks rallied. The dollar resumed its advance, while gold and Bitcoin fell.
Investors are navigating geopolitical risks and intensifying price pressures even as corporate profitability remains robust and economies continue to show resilience. For now, oil is keeping bond yields near multi-year highs, with the pressure from rates spilling across other asset classes.
“A lot is moving against equities at the moment: oil is on the rise and bond yields are going through the roof,” said Laurent Lamagnere at AlphaValue. “It’s quite hard for me to be optimistic.”
In the UK, shares in homebuilders surged after the government announced a loan program to help first-time buyers. Taylor Wimpey Plc rose 14%, while Persimmon Plc rallied 15% and Barratt Redrow Plc advanced 14%.
Corporate News:
SK Hynix Inc. shares fell as reports of a potential listing of the chipmaker’s US subsidiary added to concerns over its complex ownership structure. Nu Holdings Ltd. has held discussions to acquire UK digital bank Monzo Bank Ltd., according to people with knowledge of the matter. Australia’s biggest gold miner Northern Star Resources Ltd. rejected a cash-and-shares takeover approach from South African rival Gold Fields Ltd. valuing it at A$38.7 billion ($27.1 billion). Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.3% as of 8:31 a.m. London time S&P 500 futures fell 0.5% Nasdaq 100 futures fell 1% Futures on the Dow Jones Industrial Average fell 0.4% The MSCI Asia Pacific Index fell 0.9% The MSCI Emerging Markets Index fell 1.1% Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.1% to $1.1376 The Japanese yen fell 0.1% to 157.47 per dollar The offshore yuan rose 0.1% to 6.7156 per dollar The British pound was little changed at $1.3251 Cryptocurrencies
Bitcoin fell 1.9% to $82,963.7 Ether fell 1.5% to $2,645.08 Bonds
The yield on 10-year Treasuries advanced four basis points to 5.20% Germany’s 10-year yield advanced two basis points to 3.62% Britain’s 10-year yield advanced three basis points to 5.40% Commodities
Brent crude rose 2.1% to $106.50 a barrel Spot gold fell 2.9% to $4,159.43 an ounce This story was produced with the assistance of Bloomberg Automation.
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