The S&P 500 Index ($SPX) (SPY) today is down -1.13%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.15%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.53%. June E-mini S&P futures (ESM26) are down -1.07%, and June E-mini Nasdaq futures (NQM26) are down -1.47%.
Stock indexes are sinking today as the price of crude oil soars more than +13% after President Trump dashed hopes for a quick end to the war with Iran. During a speech to the American public on Wednesday evening, Mr. Trump pledged more aggressive action against Iran over the next two to three weeks and offered no concrete plans to reopen the Strait of Hormuz. WTI crude oil prices soared to a 3.5-week high today and are fueling inflation fears, pushing bond yields higher. The 10-year T-note yield is up +2 bp to 4.34%.
