S&P 500 ends near flat as investors focus on US-Iran war
SPY•The S&P 500 ended down 0.03% at 7,703.83, while the Nasdaq gained 0.01% and the Dow fell 0.32%, as Middle East uncertainty lifted oil prices and Treasury yields.
1. Markets finish mixed
The S&P 500 ended near unchanged on Thursday as uncertainty about the Middle East lifted oil prices and Treasury yields. Brent crude rose more than 3% to nearly $107 a 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 US and Iranian negotiators reportedly explored a phased path out of the war.
2. Rates and stocks
The 30-year Treasury yield reached its highest level since 2004. 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; traders were pricing in a nearly 70% chance of a hike next month.
3. Company moves
Microsoft and Broadcom fell, while AMD and Meta gained. Oracle fell after a report said it sent a force majeure notice to a New Mexico data center, and Blue Owl shares also declined. MGM Resorts slumped after People Inc withdrew its proposal to buy the casino operator.
