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US stock market remains calm, even as oil prices rise
Oil prices rose nearly 5%, driven by Middle East disruptions and production cuts, pushing Treasury yields higher and delaying Federal Reserve interest rate cuts, analysts said.
- On Wednesday, U.S. stock markets remained calm despite rising oil prices, with the S&P 500 edging down 5.68 points to 6,775.80 in modest movement.
- Amid Middle East fighting, traffic through the Strait of Hormuz stalled after the U.S. destroyed more than a dozen minelaying Iranian vessels Tuesday, and Iran vowed to block regional oil exports, saying it would not allow "even a single liter" to its enemies.
- Oil benchmarks showed sharp gains: Brent crude rose 4.8% to $91.98 per barrel and U.S. benchmark crude gained 4.6% to $87.25, while the 10-year Treasury yield climbed to 4.22% from 4.15% late Tuesday.
- Traders pushed back forecasts for Federal Reserve rate cuts because of the oil spike, while U.S. consumer prices rose 2.4% year-over-year in February, and Oracle jumped 9.2% to help limit Wall Street losses.
- The International Energy Agency announced Wednesday a record 400 million barrels will be released from emergency stockpiles, though analysts warn full resumption of Persian Gulf flows is needed. "Looking forward, we expect a spring bulge in inflation," Gary Schlossberg, global strategist at Wells Fargo Investment Institute, said.
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The Columbian+19 Reposted by 19 other sources
US stock market remains calm, even as oil prices rise
NEW YORK (AP) — The U.S. stock market remained calm Wednesday, even as the price of oil got back to rising. Read more...
·Vancouver, United States
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US Stock Market: Oil rally and Hormuz threats stir inflation fears, complicating Fed policy path
Surging oil prices driven by escalating tensions involving Iran are complicating the U.S. monetary policy outlook. Rising energy costs could keep inflation elevated, prompting investors to scale back expectations of Federal Reserve rate cuts this year. Economists warn that persistent crude price gains may delay policy easing and pressure global food and consumer prices.
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Total News Sources32
Leaning Left9Leaning Right2Center8Last UpdatedBias Distribution47% Left
Bias Distribution
- 47% of the sources lean Left
47% Left
L 47%
C 42%
11%
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