US equities pulled back yesterday as investors continued to assess Middle East developments, with hostilities ongoing in both the Persian Gulf and the Red Sea despite continued peace efforts. The Dow, S&P 500 and Nasdaq all declined, with the tech-heavy Nasdaq underperforming as traders remained cautious amid the ongoing uncertainty. Treasury yields eased following the prior session’s sharp rally, while the dollar was largely unchanged. Oil continued to push higher as traders increasingly priced in a prolonged closure of the Strait of Hormuz. Gold initially advanced but pulled back after approaching longer-term resistance, closing lower on the day.
📊 Equities
US equities pulled back yesterday as investors continued to assess Middle East developments, with hostilities ongoing in both the Persian Gulf and the Red Sea despite continued peace efforts. The Dow, S&P 500 and Nasdaq all declined, with the tech-heavy Nasdaq underperforming as traders remained cautious amid the ongoing uncertainty. The Dow eased 0.34% to 53,791, the S&P 500 fell 0.32% to 7,728, and the Nasdaq dropped 0.60% to 26,445.
🛢️ Oil
Oil continued to push higher as traders increasingly priced in a prolonged closure of the Strait of Hormuz. Brent rose 1.22% to $88.79, while WTI gained 1.30% to $83.20.
🥇 Gold
Gold initially advanced but pulled back after approaching longer-term resistance, closing lower on the day, down 0.49% to $4,366.84.
💵 FX & Bonds
Treasury yields eased following the prior session’s sharp rally, while the dollar was largely unchanged. The USD rose 0.01% to 99.83, the 2-year Treasury yield eased 2.7 bps to 4.214%, and the 10-year Treasury yield eased 1.8 bps to 4.688%.
| Market | Change | Close |
|---|---|---|
| Dow Jones | -0.34% | 53,791 |
| S&P 500 | -0.32% | 7,728 |
| Nasdaq | -0.60% | 26,445 |
| USD Index | +0.01% | 99.83 |
| US 2Y Treasury | -2.7 bps | 4.214% |
| US 10Y Treasury | -1.8 bps | 4.688% |
| Brent Crude | +1.22% | $88.79 |
| WTI Crude | +1.30% | $83.20 |
| Gold | -0.49% | $4,366.84 |
📌 Today’s Focus
Geopolitics is expected to dominate sentiment again today, though focus shifts to fundamentals during the US session with CPI data due. With markets reassessing the Fed policy outlook, any deviation from expectations could trigger sharp moves across the dollar, yields and equities.
🔹 US – CPI Data
🔹 US – Weekly Oil Inventory Data