"Prices were modestly higher for the energy complex, as traders are likely closely watching whether President Trump would succeed in convincing President Xi to lean on Tehran over the ongoing Iran conflict, which has thrown global energy supplies into turmoil. With the summer driving season only a few weeks away, a settlement to reopen and make the Strait of Hormuz passable would be huge. As we have noted before, a peace agreement will cause prices to plummet, but the baseline oil price will be higher than anticipated going forward. Brent Crude closed Thursday at $106.60, up 0.95%."
U.S. stock index futures traded sharply lower as markets prepared to end a highly active week. Positive meetings between President Trump and President Xi, along with major earnings and forward guidance from Cisco, supported a strong Thursday session. The Dow rose 0.75% to 50,063, the S&P 500 closed above 7,500 at 7,501, the Nasdaq gained 0.88% to 26,635, and the Russell 2000 finished up 0.67% at 2,863. Treasury yields were mixed, with selling concentrated in the 1- to 10-year maturities and modest buying at the short and long ends. The 30-year bond closed at 5.03% and the 10-year note at 4.49%. Oil prices were modestly higher as traders watched potential pressure on Tehran to ease the Iran conflict and reopen the Strait of Hormuz.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]