The S&P 500 Index ($SPX) (SPY) today is down -0.44%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.49%. June E-mini S&P futures (ESM26) are down -0.40%, and June E-mini Nasdaq futures (NQM26) are down -0.49%.
Stock indexes are retreating today as crude oil prices and bond yields spike higher on doubts about a US-Iran peace deal that would reopen the Strait of Hormuz. Crude prices jumped more than +3% after Reuters reported that Iran's Supreme Leader said enriched uranium must stay in Iran, as sending the material abroad would leave the country more vulnerable to future attacks by the US and Israel. The report tempers optimism that the US and Iran were moving closer to a deal to end the war. The markets are awaiting Iran’s official response to the latest US proposals to reopen the Strait. The 10-year T-note yield is up +4 bp to 4.61%.
