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Rich Asplund

Stocks Settle Higher as Lower Crude Prices Ease Inflation Risks

Inflation United States Oil Nasdaq Susan Collins Boston Fed Dow Jones Industrial Average Nvidia Wolfe Research

The S&P 500 Index ($SPX) (SPY) closed up by +0.32% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.64%. E-mini S&P futures (ESU26) rose +0.30%, and September E-mini Nasdaq futures (NQU26) rose +0.63%.

Stock indices settled higher on Tuesday, supported by weakness in crude oil prices, which sent bond yields lower. WTI crude oil fell more than -3% on Tuesday, easing inflation expectations and knocking the 10-year T-note yield down by -6 bp to 4.64%. Crude prices tumbled on Tuesday on a news report that the US would be returning diplomats to Middle East embassies, easing concerns about an escalation of the Iran war. Chipmakers and AI-infrastructure stocks also moved higher on Tuesday, lifting the broader market. Short covering emerged in chipmakers ahead of Nvidia’s quarterly earnings results after the close on Wednesday.

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