Stocks and Bonds Fall as Hormuz Attacks Lift Oil: Markets Wrap
(Bloomberg) — A rally in stocks came to a halt and global bonds fell as mounting attacks on tankers in the Middle East pushed oil prices higher.
Futures for the S&P 500 stood pat after the index hit a record high in the previous session. Europe’s Stoxx 600 fell 0.6%, ending a three-day run of gains. SK Hynix Inc. fell nearly 3% in South Korea ahead of the expiry of a lockup on its American depositary receipts.
The pickup in attacks by Iran in the Strait of Hormuz dampened optimism over shipments through the waterway approaching prewar levels, lifting Brent crude above $101 a barrel. Tuesday’s rebound in bonds fizzled, with 10-year Treasury yields topping 5.30%. The sovereign debt of France and Italy led declines in Europe.
Meanwhile, the dollar resumed gains on rising yields and haven demand. The euro traded near the lowest levels since May 2025. Bitcoin fell the most in a week, while gold dipped toward $4,130 an ounce.
Markets remain unsettled as high energy prices and elevated inflation expectations keep yields near multidecade highs. Traders are also waiting for the reporting season to get underway to see whether earnings can continue to support valuations against a challenging backdrop and whether the artificial-intelligence boom still has plenty of legs.
“Inflation risks loom and, combined with higher global yields, put pressure on some pockets of the market,” noted Ipek Ozkardeskaya at Swissquote. “By that, I mean the pockets that don’t have the AI winds behind their backs.”
Corporate Highlights:
Elon Musk’s SpaceX is in talks with banks and investors to raise $40 billion to buy chips from Nvidia Corp., people familiar with the matter said, HSBC Holdings Plc is planning sweeping job cuts across its UK wealth management business, the Financial Times reported, citing people familiar with the matter. Shell Plc expects to report strong results from energy trading in the third quarter as the Iran conflict continues to drive big swings in prices. The Netherlands plans to effectively cut its stake in ABN Amro Bank NV in half, edging the bank closer to full private ownership. Apple Inc.’s upcoming push into smart home devices will include a doorbell, thermostat and other accessories developed through an unusual partnership with LG Electronics Inc. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 fell 0.6% as of 8:35 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average fell 0.2% The MSCI Asia Pacific Index fell 0.9% The MSCI Emerging Markets Index fell 0.8% Currencies
The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.4% to $1.1209 The Japanese yen fell 0.1% to 158.28 per dollar The offshore yuan was little changed at 6.7060 per dollar The British pound fell 0.2% to $1.3245 Cryptocurrencies
Bitcoin fell 1.6% to $84,239.87 Ether fell 2.9% to $2,620.7 Bonds
The yield on 10-year Treasuries advanced two basis points to 5.30% Germany’s 10-year yield advanced two basis points to 3.50% Britain’s 10-year yield advanced four basis points to 5.42% Commodities
Brent crude rose 0.5% to $101.09 a barrel Spot gold fell 0.6% to $4,137.15 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling.
©2026 Bloomberg L.P.
