S&P 500 ends marginally lower as investors focus on US-Iran war
SPY•The S&P 500 fell 0.02% to 7,704.13 as investors weighed uncertainty about the Middle East, rising oil prices and Treasury yields. The Nasdaq gained 0.01%, while the Dow fell 0.31%.
1. Markets and oil
The S&P 500 ended marginally lower on Thursday as uncertainty about the Middle East lifted oil prices and Treasury yields. Brent crude rose more than 3% to nearly $107 per barrel after a Houthi missile attack on Saudi Arabia revived fears of supply disruptions. The S&P 500 and Nasdaq rebounded from session lows after negotiators explored a phased path out of the war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.
2. Rates and company moves
New York Fed President John Williams said it was reasonable to think the central bank might need to raise interest rates again before year-end. Treasury yields rose, and the 30-year yield reached its highest level since 2004. Meta Platforms gained 4.5% a day after unveiling a handheld gadget for its AI assistant, while Oracle fell 3.5% after a report said it sent a force majeure notice to a New Mexico data center; Blue Owl shares also fell sharply.
