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(Bloomberg) — A renewed advance in oil prices left stocks wavering while bond yields rose, with anxiety on Wall Street building just days ahead of key inflation reports.
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The lack of a deal to revive the Strait of Hormuz drove Brent crude to $85. Higher energy costs stoked concerns the Federal Reserve will have to raise interest rates this year despite the recent slowdown in the jobs market. The S&P 500 fluctuated after a record-breaking run. Short-dated Treasuries underperformed. The dollar gained against most major currencies.
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President Donald Trump signaled he’s prepared to let economic pressure on Iran build rather than launch fresh military strikes to force a reopening of the Strait of Hormuz, even as the Islamic Republic reiterated that the conditions still aren’t in place to allow free passage through the key waterway.
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“We are just watching Iran with its huge inflation and the fact they have no money,” Trump told Axios in an interview on Sunday, saying that a US naval blockade of the country was deepening its financial woes. “We are low-keying it.”
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Last week, stocks rode a burst of enthusiasm about a possible reopening of the Strait of Hormuz, but without a deal on the table, markets may be less likely to respond positively to vague reports about progress in negotiations, according to Chris Larkin at E*Trade from Morgan Stanley.
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“The jobs report may have eased some anxieties about a Fed rate hike next month, but those concerns could hit new highs without cooler-than-expected inflation numbers this week,” he said.
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Corporate Highlights:
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- Intel Corp. said it will be offering $15 billion in common stock, taking advantage of renewed interest in its business prospects during the artificial intelligence data center boom.
- Microsoft Corp. is planning to “significantly” increase production of its next-generation AI chips, The Information reported.
- Apple Inc. was downgraded to an underperform rating at Jefferies, in the latest example of growing bearishness toward the company.
- GameStop Corp., led by Chief Executive Officer Ryan Cohen, is considering withdrawing its $56 billion bid for eBay Inc., according to people familiar with the matter.
- Boeing Co. will sell several of its units that specialize in developing technologies for flying taxis and drones to Archer Aviation Inc. as the US planemaker focuses on its core commercial and defense units.
- Barrick Mining Corp. said it has reached an agreement with Newmont Corp. on their Nevada joint venture, opening the way for the Canadian company to list its North American assets in New York.
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Some of the main moves in markets:
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Stocks
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- The S&P 500 was little changed as of 9:32 a.m. New York time
- The Nasdaq 100 was little changed
- The Dow Jones Industrial Average was little changed
- The Stoxx Europe 600 was little changed
- The MSCI World Index was little changed
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Currencies
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- The Bloomberg Dollar Spot Index rose 0.2%
- The euro was little changed at $1.1551
- The British pound was little changed at $1.3503
- The Japanese yen fell 0.8% to 158.95 per dollar
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Cryptocurrencies
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- Bitcoin fell 0.4% to $64,839.54
- Ether fell 0.7% to $1,906.39
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Bonds
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- The yield on 10-year Treasuries advanced three basis points to 4.67%
- Germany’s 10-year yield advanced two basis points to 3.16%
- Britain’s 10-year yield advanced four basis points to 4.96%
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Commodities
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- West Texas Intermediate crude rose 2% to $79.74 a barrel
- Spot gold fell 0.2% to $4,333.42 an ounce
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