Geopolitics, oil and yields keep investors on edge
SPY•U.S. indexes were modestly lower early Thursday, with the Nasdaq down about 0.6%, as investors weighed Middle East tensions, oil prices and Treasury yields. U.S. crude rose more than 2%, while the 10-year Treasury yield eased to around 5.09% after briefly reaching 5.1497%.
1. Markets edge lower
Wall Street was lower early Thursday as investors weighed Middle East tensions and a closely watched summit between Presidents Donald Trump and Xi Jinping. The Nasdaq fell about 0.6%, while the S&P 500 remained about 1.6% below its record intraday peak and 1.4% below its all-time closing high.
2. Oil and yields
U.S. crude futures rose more than 2% after diplomatic talks between Washington and Tehran showed little sign of progress. Uncertainty around a potential U.S. ban on diesel exports also supported prices. The 10-year Treasury yield briefly reached 5.1497%, its highest since 2007, before easing to around 5.09%.
3. Sector performance
Healthcare led S&P 500 sectors, up 1.4%, and energy gained 1.1%. Technology was the weakest group, down about 1%. August new home sales totaled 684,000 units, above the 615,000 estimate.
