September S&P 500 E-Mini futures (ESU26) are down -0.96%, and September Nasdaq 100 E-Mini futures (NQU26) are down -1.34% this morning as sentiment took a hit after U.S. President Donald Trump declared an end to the ceasefire with Iran, sending oil prices and bond yields soaring.
When asked at the North Atlantic Treaty Organization summit in Ankara, Turkey, whether the ceasefire and memorandum of understanding were over, Trump said: “It’s a very interesting question. For me, I think it’s over. As far as I’m concerned, it’s just a waste of time.” The price of WTI crude jumped over +5% following Trump’s comments. Treasuries fell across the curve as a spike in oil prices reignited inflation concerns, with the benchmark 10-year yield rising two basis points to 4.58%.
