Oil Climbs Again as Trump Rejects Iran Truce, Nasdaq Futures Slip
IXIC sits 31% above its 52-week low of $20,690.249.
Summary
Asian stocks slipped and Nasdaq futures fell 0.5% as oil prices climbed again, with Brent up 2.1% to $106.49 and US crude up 1.5% to $93.84. The move follows Trump's rejection of an Iranian proposal to reopen the Strait of Hormuz, keeping geopolitical risk elevated. Bond yields continue to surge, with 30-year Treasuries near their highest since 2004 at 5.5185%, pressuring tech valuations. Markets now price a 66% chance of another Fed hike in October, adding to the headwind for growth stocks. The Nasdaq is trading near its 52-week high, making it vulnerable to any further yield spike or oil shock.
At the time of this announcement, IXIC was trading at $27,068.72 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.