The S&P 500 Index ($SPX) (SPY) today is up +0.04%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.07%.  September E-mini S&P futures (ESU26) are up +0.02%, and September E-mini Nasdaq futures (NQU26) are down -0.11%.

Stock indices are mixed today.  Stocks found support after crude prices gave up a 2% overnight advance and turned negative, knocking bond yields lower after Pakistan signaled the US and Iran were close to an arrangement that could reopen the Strait of Hormuz. 

Stock index futures were initially under pressure in overnight trade as rising crude oil prices fanned inflation fears and pushed bond yields higher.  WTI crude initially jumped more than +2% in overnight trade, adding to Monday’s +5% surge, as President Trump hardened his stance toward Iran.  The jump in crude prices initially pushed the 10-year T-note yield up to a 1-week high of 4.73%, but yields fell back with crude prices, and the 10-... Read more