The S&P 500 Index ($SPX) (SPY) today is down -0.91%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.83%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.30%. June E-mini S&P futures (ESM26) are down -1.02%, and June E-mini Nasdaq futures (NQM26) are down -1.41%.
Stock indexes are falling sharply, weighed down by a broad selloff in global bond markets amid soaring crude oil prices that are fueling inflation fears. Doubts over whether oil supplies from the Middle East will normalize anytime soon have pushed WTI to a 1.5-week high today, as peace talks between the US and Iran remain in limbo and the Strait of Hormuz remains closed. The soaring crude prices are sending bond yields spiking globally, with the Japanese 10-year JGB bond yield jumping to a 29-year high, the 10-year UK Gilt yield surging to an 18-year high, the 10-year German bund yield rising to a 15-year high, and the 10-year T-note yield climbing to an 11.75-month high of 4.58%.
