The S&P 500 Index ($SPX) (SPY) closed down -0.18% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.85%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.39%. September E-mini S&P futures (ESU26) fell -0.18%, and September E-mini Nasdaq futures (NQU26) fell -0.32%.
Stock indices gave up an early advance and settled lower on Thursday. Escalating tensions in the Middle East pushed crude oil prices sharply higher, fanning inflation fears and boosting bond yields. The lack of clarity on a deal to reopen the Strait of Hormuz fueled a sharp jump in crude prices, stoking concerns the Fed may have to raise interest rates. The 10-year T-note yield rose +5 bp to 4.66%.
