Stocks fall as Middle East stalemate boosts oil
SPY•Global stocks fell as Brent crude rose as much as 3% to $107.16 a barrel after US-Iranian talks stalled. The 30-year Treasury yield climbed 2 basis points to 5.517%, near its highest since 2004.
1. Oil climbs on talks stalemate
Brent crude futures rose as much as 3% to $107.16 a barrel after President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz. Oil futures have gained nearly 20% this month and are nearly 50% above their level before the war began in late February.
2. Stocks diverge by region
MSCI’s All-World index slipped 0.1%, while S&P 500 futures fell 0.3% and Nasdaq futures lost 0.7%. Europe’s STOXX 600 rose 0.4%, while Chinese blue chips fell 1.9% to a one-year low.
3. Yields and dollar rise
The 30-year Treasury yield rose 2 basis points to 5.517%, near its highest since 2004, and the dollar index reached a two-month high of 101.39. Gold fell 3% to $4,151 an ounce.
