Stocks Churn as Oil Gains Stoke Inflation Concerns: Markets Wrap
(Bloomberg) — Global stocks posted small moves and government bonds edged lower as a rally in oil prices revived inflation concerns a day before the release of key US consumer price data.
Futures on the S&P 500 were little changed, while Europe’s stocks benchmark ticked up 0.1%. Ten-year Treasury yields rose one basis point to 4.72% after a six-point jump on Monday. Gold pulled back 0.6% to about $4,365 an ounce after climbing above $4,400 earlier in the session.
US President Donald Trump’s sweeping new demands on Iran have clouded the outlook for a deal to reopen the Strait of Hormuz, sending crude higher for a fifth day and rekindling inflation fears. Wednesday’s US consumer price index report is the main focus of the week, and may offer fresh signals on the path for Federal Reserve interest rates after Friday’s softer-than-expected data tempered bets on an immediate hike.
Brent surged 5% on Monday after Trump lashed out against Iran’s demands for compensation as part of talks to wind down the conflict. Trump had signaled on Sunday he was prepared to let economic pressure on Iran build, rather than launch fresh strikes.
The US consumer price index probably rose 0.1% in July following a 0.4% decline in the prior month, according to the median projection in a Bloomberg survey of economists ahead of Wednesday’s Bureau of Labor Statistics release.
Tech Buoyant
Elsewhere, sentiment toward the technology sector remained buoyant in Asia, with South Korea’s Kospi Index climbing 1%. Samsung Electronics Co. gained about 4%.
Futures on the tech-heavy Nasdaq index were up 0.1% after Monday’s news that US investment giants including Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management are partnering with Nvidia Corp. to source $500 billion in financing for artificial intelligence infrastructure.
What Bloomberg Strategists Say…
Investors are riding on the huge Nvidia-Wall Street funding package as a catalyst to breathe fresh life into the narrative that AI build out matters more than anything for the path of stocks. It helps that bonds and currencies are having a quiet session, impacted by the holiday for Japanese markets.
— Mark Cranfield, MLive. For full analysis, click here.
Meanwhile, the Australian dollar slipped after the central bank kept its key interest rate unchanged, wagering that higher unemployment and a weakening property market will weigh on economic activity sufficiently to cool inflation.
Corporate News:
Intel Corp. is seeking to increase the amount it’s raising in a share sale to about $20 billion, according to people familiar with the matter, a third more than it was targeting when it announced the deal Monday morning. Gautam Adani won dismissal of US securities fraud charges, ending a blockbuster case that threatened the expansion of the Indian billionaire’s giant conglomerate. Anthropic PBC has struck a $9.1 billion deal with Riot Platforms Inc., a Bitcoin mining company that recently began selling AI data center capacity, people familiar with the matter said. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 was little changed as of 8:08 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average fell 0.1% The MSCI Asia Pacific Index fell 0.1% The MSCI Emerging Markets Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1538 The Japanese yen was unchanged at 159.29 per dollar The offshore yuan was little changed at 6.7482 per dollar The British pound was little changed at $1.3506 Cryptocurrencies
Bitcoin fell 0.3% to $63,919.65 Ether fell 0.3% to $1,872.94 Bonds
The yield on 10-year Treasuries advanced one basis point to 4.72% Germany’s 10-year yield advanced two basis points to 3.19% Britain’s 10-year yield advanced three basis points to 5.02% Commodities
Brent crude rose 1.8% to $89.30 a barrel Spot gold fell 0.6% to $4,364.19 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Winnie Hsu, Faseeh Mangi and Anand Krishnamoorthy.
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