The S&P 500 Index ($SPX) (SPY) today is up +1.23%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +1.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.30%. March E-mini S&P futures (ESH26) are up +1.15%, and March E-mini Nasdaq futures (NQH26) are up +1.27%.
Stocks are moving sharply higher today, supported by lower crude oil prices and bond yields. Crude prices are down more than -3% after several oil tankers managed to move through the Strait of Hormuz over the weekend, raising hopes that the waterway could soon reopen. India is attempting to get six other vessels through the strait, while a number of other countries are trying back channels to Iran to ensure safe passage for their ships. The slump in crude prices has knocked the 10-year T-note yield down -5 bp today to 4.23%.
