US Stocks Halt Pullback as Hormuz Impasse Drags On: Markets Wrap
(Bloomberg) — US stock futures held steady after a two-day pullback while oil fell modestly as traders awaited signs of progress toward a peace deal in the Middle East.
S&P 500 futures were little changed after the benchmark’s first back-to-back retreat since April. South Korea’s Kospi index led losses in Asia. Europe’s Stoxx 600 rose 0.9% as leisure shares outperformed.
A rally in stocks fueled by the buildout of artificial intelligence is cooling off after powering global equities to record highs in the face of higher bond yields and elevated crude prices. At the same time, some breadth is returning to markets as lagging sectors such as healthcare catch up.
In other asset classes, Brent fell 1.9% to $110 a barrel after President Donald Trump said the US has had “very big discussions with Iran.” Global bonds were mixed, with Treasuries slightly weaker across the curve and their European counterparts posting small gains. The dollar resumed its climb after snapping a five-day streak of gains in the previous session.
“The performance of the semis has been parabolic, so it’s not surprising there’s some profit-taking,” said Roger Lee, head of equity strategy at Cavendish. “Maybe there is also an element of the returning doubts over the monetization of AI.”
Corporate Highlights:
Seagate Technology Holdings shares fell 6.9% Monday in its worst one-day drop in nearly two months after management comments at a JPMorgan conference sparked investor fears that the company won’t be able to keep up with soaring demand for memory chips. Standard Chartered Plc plans to eliminate thousands of support roles over the next four years, joining the ranks of global lenders using artificial intelligence to trim headcount. Nvidia Corp. Chief Executive Officer Jensen Huang said he expects Chinese authorities will eventually allow the import of AI chips from the US. Alphabet’s Google and Blackstone plan to create an artificial-intelligence cloud company to rival the likes of CoreWeave using Google’s specialized chips. Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.9% as of 8:55 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index fell 0.6% The MSCI Emerging Markets Index fell 1.1% Currencies
The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1636 The Japanese yen fell 0.1% to 159.02 per dollar The offshore yuan was little changed at 6.8056 per dollar The British pound fell 0.2% to $1.3404 Cryptocurrencies
Bitcoin rose 0.4% to $77,168.57 Ether rose 1.1% to $2,139.4 Bonds
The yield on 10-year Treasuries was little changed at 4.60% Germany’s 10-year yield was little changed at 3.14% Britain’s 10-year yield declined four basis points to 5.06% Commodities
Brent crude fell 2% to $109.88 a barrel Spot gold fell 0.2% to $4,556.79 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling.
©2026 Bloomberg L.P.
