S&P 500 Gains, Crude Falls Ahead Of Fed's Expected First Hike Since 2023: Stock Market Today
Crude tumbles 3.6% on a Saudi pipeline restart, easing yields and lifting chips, while the Fed prepares its first rate hike in nearly three years.
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WTI crude jumps to $106.53 Tuesday as Saudi Arabia's East-West pipeline is shut and Aramco cancels European cargoes, pushing 10-year Treasury yield past 5%.
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Crude tumbles 3.6% on a Saudi pipeline restart, easing yields and lifting chips, while the Fed prepares its first rate hike in nearly three years.
The 10-year Treasury yield broke 5% for the first time since 2007 as WTI surged past $105 on Saudi pipeline outages, pressuring stocks ahead of the Fed.
Security software surged on AI-safety warnings while optics and chip-test names cratered, as the 10-year yield briefly topped 5% and oil pushed past $102.
https://www.wsj.com/business/energy-oil/exxon-is-nearing-a-preliminary-deal-to-invest-in-venezuelas-oil-fields-8c02126b
Dovish Hike Hopium Please click here for an enlarged chart of SPDR S&P 500 ETF Trust (NYSE:SPY) which represents the benchmark stock market index S&P 500 (SPX). Note the following: The chart shows
Shares of the United States Oil Fund are trading lower Wednesday afternoon, pulling back from recent 52-week highs as a confluence of diplomatic developments, logistical workarounds and domestic inventory builds cooled off supply disruption fears.