Stocks Rise Anew as Crude Oil Trims Its Advance: Markets Wrap
(Bloomberg) — A renewed wave of stock buying lifted the market after a rally in oil eased, bringing a degree of relief to traders worried about the impacts of energy costs on inflation and the economy as the war in Iran drags on.
Over 400 shares in the S&P 500 rose, with the index climbing for a second straight session. US oil pared an earlier surge to trade around $95. Airlines jumped after some executives cited strong bookings as travelers rush to lock in fares ahead a potential rise in fuel costs. Qualcomm Inc. gained on plans to buy back $20 billion in shares and boost its dividend.
Bond yields dropped alongside the dollar on the eve of the Federal Reserve decision. With officials widely expected to hold interest rates steady on Wednesday, attention shifts how they may respond if the fallout from war in the Middle East pulls their policy goals in opposite directions.
President Donald Trump, who earlier this week reiterated his appeals for other nations to help secure the Strait of Hormuz, said Iran was nearly obliterated. The US has been informed by “most” of its NATO allies that they don’t want to get involved in Iran, he said in a social-media post.
“Because of the fact that we have had such Military Success, we no longer ‘need,’ or desire, the NATO Countries’ assistance — WE NEVER DID!” Trump noted.
Israel said it killed Iran’s security chief, Ali Larijani, in an overnight strike. The development came after Iran set a massive natural gas field in the United Arab Emirates ablaze overnight as it steps up attacks on key energy sites.
“There is a growing sense that markets are trying to look through the current tensions,” said Fawad Razaqzada at Forex.com. “A credible multinational effort would likely push oil lower and equities higher — but the best outcome would be to end the war and soon.”
The stock market is trying to find a bottom amid this geopolitical-driven pullback, according to Rick Gardner at RGA Investments. While he says the conflict could go on for some time, that doesn’t mean the stock market would follow suit.
“Stocks tend to move ahead of various events, like wars, well before they are over,” Gardner noted. “Valuations in stocks remain attractive, creating a potentially attractive entry point for investors looking to put new money to work.”
The war in Iran and private credit concerns ended the “frothy bull” market sentiment of recent months, according to Bank of America Corp.’s latest fund manager survey.
BofA’s Michael Hartnett said growth optimism tanked and cash levels surged, with investors bearish enough to sell oil above $100 per barrel and buy the S&P 500 at 6,600. The equity benchmark fell below that level last week before rebounding. Still, positioning is “far from uber-bear levels seen at recent big lows,” he said.
“Risk assets like US stocks and cryptocurrencies have held up surprisingly well despite all the turmoil,” said Bret Kenwell at eToro. “Depending on whether the Fed strikes a more dovish or hawkish tone, that could shape the near-term direction for both into quarter-end.”
Still, with so much uncertainty and so many mixed signals in play, the Fed may be more inclined to stay the course than shake things up, he added.
Corporate Highlights:
Boeing Co. pushed back a goal of generating positive margins at its key commercial unit by a year, as the cost of integrating newly-acquired Spirit Aerosystems weighs on profitability. Artificial intelligence data center developer Nebius Group NV said it intends to raise about $3.75 billion in convertible debt on the heels of a commercial deal with Meta Platforms Inc. Mastercard Inc. said it will acquire the stablecoin infrastructure startup BVNK for as much as $1.8 billion, four months after negotiations between BVNK and Coinbase Global Inc. for a roughly $2 billion deal fell apart. Eli Lilly & Co. dipped after HSBC turned bearish on the stock, saying investor expectations for weight-loss drugs are over inflated. Intercontinental Exchange Inc. is seeking to create data infrastructure for the private-credit market in partnership with Apollo Global Management Inc., as companies plot ways to bring more transparency to the opaque market. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.5% as of 11:27 a.m. New York time The Nasdaq 100 rose 0.6% The Dow Jones Industrial Average rose 0.5% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.2% to $1.1531 The British pound rose 0.2% to $1.3348 The Japanese yen was little changed at 158.98 per dollar Cryptocurrencies
Bitcoin fell 0.1% to $74,142.98 Ether fell 0.8% to $2,326.7 Bonds
The yield on 10-year Treasuries declined two basis points to 4.19% Germany’s 10-year yield declined four basis points to 2.91% Britain’s 10-year yield declined seven basis points to 4.70% Commodities
West Texas Intermediate crude rose 1.5% to $94.90 a barrel Spot gold was little changed ©2026 Bloomberg L.P.
