Stocks Futures Fall, Yields Hit 19-Year High as US-Iran Tensions Flare Again
TLDR
- Dow, S&P 500, and Nasdaq all closed lower Monday as oil prices surged on US-Iran war fears
- Brent crude rose above $90 per barrel after Trump threatened Oman over the Strait of Hormuz
- The 30-year Treasury yield hit 5.31%, its highest level since June 2007
- US stock futures continued falling in Asian trading Tuesday, with Nasdaq futures down 0.8%
- Retail earnings from Walmart, Target, and Home Depot are due this week, with Fed minutes on Wednesday
US stocks closed lower on Monday as rising oil prices and climbing Treasury yields rattled markets. Investors grew uneasy after a memorandum of understanding between the US and Iran expired, raising fears of further conflict.
The Dow Jones Industrial Average fell 0.5%, the S&P 500 dropped 0.5%, and the Nasdaq Composite declined 0.3%. It marked the end of a three-week winning streak for the S&P 500.
Brent crude futures rose above $90 per barrel on Monday before extending gains above $91 on Tuesday. The move came after President Trump said he does not see the US-Iran war ending anytime soon.
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