The S&P 500 Index ($SPX) (SPY) is down by -0.51% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.66%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.76%. December E-mini S&P futures (ESZ26) are down -0.52%, and December E-mini Nasdaq futures (NQZ26) are down -0.81%.
Stock indexes are tumbling today as crude oil prices and bond yields soar as hopes faded for an imminent breakthrough to end the war in Iran and reopen the Strait of Hormuz. Crude prices are up more than +2% today after President Trump rejected Iran’s latest proposals to end the war. Today’s surge in crude prices has raised inflation expectations and pushed global bond yields higher, with the 10-year T-note yield climbing to a 19-year high of 5.23% and the 10-year German Bund yield rising to a 17-year high of 3.65%. The jump in bond yields is weighing on chipmakers and AI stocks, which are leading the overall market lower.
