Oil Jumps After Iran Attack, US Stock Futures Dip: Markets Wrap

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Jumps After Iran Attack, US Stock Futures Dip: Markets WrapCrude oil jumped and US equity-index futures fell after fighting erupted in the Middle East, reigniting tensions after several days of calm and reviving concerns over energy supplies.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.9{5oa[degl)fgfh9j)0(x4oz_media_dl_1.png ICE, Bloomberg(Bloomberg) — Crude oil jumped and US equity-index futures fell after fighting erupted in the Middle East, reigniting tensions after several days of calm and reviving concerns over energy supplies.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountAmerican crude jumped around 5% to top $83 a barrel, snapping a three-day decline, after the US military said it successfully intercepted an Iranian “attempted surprise attack” on troops based in the Middle East. A few days of calm saw global benchmark Brent post its biggest three-day decline since April 2020, settling at $84.09 on Tuesday. Treasury futures also inched lower, while the dollar was a touch stronger against most of its Group-of-10 peers.US equity-index futures dipped, with contracts for the Nasdaq 100 sliding 0.6%, after the attacks. Earlier, the continued selloff in chipmakers had left the underlying gauge on the brink of a technical correction. Focus remains on semiconductors after South Korean bellwether SK Hynix Inc. fell 4.5% in pre-market after its profit missed lofty expectations. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againOil has swung sharply this month, and the focus now shifts to whether diplomatic efforts can deliver a lasting reduction in supply risks. While easing tensions have unwound much of oil’s war premium, traders are now looking for clearer signs that shipping through the Strait of Hormuz can normalize.“We remain cautious of any potential deal that does not concretely settle the Hormuz topic, given disagreements over management of the Strait led to Iranian aggression and an early failure of the prior MOU,” said Ryan McKay, senior commodity strategist at TD Securities. Meanwhile, President Donald Trump welcomed Israeli Prime Minister Benjamin Netanyahu to the White House Tuesday as the US leader sought to avoid renewed bombing in Iran and instead laid the ground for further diplomacy.On Tuesday, technology shares remained under pressure as investors questioned whether massive spending on AI will generate returns sufficient to justify elevated valuations. Micron Technology Inc. and Sandisk Corp. were among the biggest drags on the S&P 500, while the Philadelphia Semiconductor Index fell 4.5%, putting the gauge on course for its worst month since 2002 after its strongest quarter on record.The divergence in S&P 500 and Nasdaq 100 moves “reflects rotation” away from chipmakers, First New York portfolio manager Vikram Rai said. The Nasdaq 100 “can’t go up if semiconductors and memory don’t go up,” he added. The moves create a challenging backdrop ahead of earnings from the largest US tech companies. Microsoft Corp. and Meta Platforms Inc. report results on Wednesday, followed by Apple Inc. and Amazon.com Inc. a day later.Attention on Wednesday is also on the Federal Reserve, which will announce its policy decision. Analysts at JPMorgan Chase & Co. said the probability of a rate hike is likely less than the roughly 30% chance currently priced, as “inflation, while elevated, does not appear to at-risk of an upside explosion.” They assign a 50% chance to a “hawkish hold,” as the central bank will want to stay vigilant even though recent energy prices suggest disinflation may be ahead.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.“A mild bout of risk aversion is looming over financial markets ahead of the Fed policy decision and two weeks of significant corporate earnings,” RSM Chief Economist Joseph Brusuelas said. With tech and oil company results ahead, there might have been “a bit more willingness to put capital to work” if not for rising concerns about AI competition from China and tech-ecosystem financials, he said.Nvidia Corp. Chief Executive Officer Jensen Huang defended open-weight artificial intelligence systems as crucial to developing the nascent AI industry, as officials in Washington consider how to respond to a surprise breakthrough from Chinese startup Moonshot.Meta Platforms Inc. and BlackRock Inc. plan to build a 1-gigawatt data center complex in Texas that will cost about $14 billion to develop, adding to a wave of investment in the computing hubs that power AI.Ford Motor Co. posted earnings ahead of Wall Street estimates and raised its outlook for the second time this year on higher prices and strong sales of high-margin sport-utility vehicles.Some of the main moves in markets:S&P 500 futures fell 0.1% as of 8:04 a.m. Tokyo timeHang Seng futures rose 0.5%S&P/ASX 200 futures rose 0.8%The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1384The Japanese yen was unchanged at 163.85 per dollarThe offshore yuan was little changed at 6.7710 per dollarThe Australian dollar was little changed at $0.6973Bitcoin fell 0.3% to $63,632.2Ether fell 0.5% to $1,906.67Australia’s 10-year yield was little changed at 4.97%West Texas Intermediate crude rose 4.6% to $82.91 a barrelSpot gold fell 0.3% to $4,017.20 an ounceThis story was produced with the assistance of Bloomberg Automation.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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