Oil leads the narrative. Brent is back above $101.60 (+1.0%) after Iran stepped up tanker attacks in the Strait of Hormuz and Houthi strikes hit Saudi targets. The G7's release of 100M barrels of reserves capped the move: WTI ended Tuesday at $87.77 (–1.9%).
Wall Street: tech pushed the S&P 500 to a fresh record on Tuesday.
S&P 500: 7,818.93 (+0.58%)
Dow: 51,521.28 (+0.49%)
Nasdaq: 27,599.79 (+0.45%)
The 10-year yield eased to 5.27%, still near multi-year highs.
Asian markets: mostly lower, with profit-taking after the Wall Street records.
Nikkei 225: 70,318 (–0.5%)
Hang Seng: 24,149 (–0.5%), with mainland China closed for Golden Week
KOSPI: 6,844 (–1.4%), on chip-sector and bond-yield worries
ASX 200: 8,728 (–0.1%)
Markets snapshot:
EUR/USD: 1.1231 (–0.26%)
Dollar index: 102.08 (+0.25%)
Gold: ~$4,158 (–0.7%), pressured by the stronger dollar and high yields
Bitcoin: ~$84,100 (–1.6%), still capped below $87,000
Today's key events:
10:30 ET – EIA crude oil inventories
13:00 ET – US 10-year note auction
14:00 ET – FOMC minutes, with traders watching for hints on the rate path
Oil, yields and the Fed minutes set the tone today.
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