US Equities Mixed Midday; Oil Prices Rise on Hormuz Concerns, 10-Year Yield Down

Lead US equities are mixed at midday, with S&P 500 futures down 0.18% and Nasdaq futures down 0.27%. WTI crude is up 0.95% and Brent crude is up 0.81% amid ongoing geopolitical tensions in the Strait of Hormuz. The US 10-year yield has fallen 0.32%. Session narrative US equity markets are showing a mixed performance at midday. S&P 500 futures are down 0.18% to 7763, Nasdaq futures are down 0.27% to 29657, and Dow futures are down 0.13% to 53995. In contrast, Russell 2000 futures are up 0.41% to 3037.5. The VIX is up 0.78% to 15.46. Geopolitical tensions continue to weigh on markets, particularly concerning the Strait of Hormuz. Energy officials anticipate that constraints in the Strait of Hormuz will persist through August, impacting oil flows. The EIA has raised its 2026 Brent crude forecast to $87 a barrel from $82. WTI crude is up 0.95% to $82.91 and Brent crude is up 0.81% to $88.43. Iran's Rezai stated that the war must end across the region, including Lebanon and Gaza, and that the US must end the war and release blocked Iranian funds. Fed's Goolsbee noted that the biggest problem facing the economy right now is inflation, while also stating that the labor market is stable without being good. Cross-asset check In fixed income, the US 10-year yield has fallen 0.32% to 4.68%. Long-duration Treasuries are up 0.27%. In currencies, the US Dollar Index is largely flat, up 0.003%. EUR/USD is down 0.026%, and USD/JPY is up 0.021%. In commodities, gold is up 0.52% to $4442.9, while silver is down 0.13% to $65.19. Copper is up 0.27% and natural gas is down 1.54%. Themes & continuing stories Geopolitical tensions remain a dominant theme, with the ongoing situation in the Strait of Hormuz and statements from Iranian officials about its closure until conditions are met. This has direct implications for energy supply and prices. The US has also made statements regarding its missile stockpiles and ability to strike Iran. The upcoming CPI data is a key focus for inflation outlook, with economists anticipating a 0.1% month-over-month rise. The Federal Reserve's stance on inflation, as articulated by Governor Goolsbee, highlights its continued importance. What’s ahead The July Consumer Price Index is due tomorrow at 8:30 a.m. ET, which could significantly impact market sentiment. CoreWeave, Inc. reports second-quarter earnings after the close today, with analysts expecting revenue of roughly $2.56 billion. Cisco Systems will report fourth-quarter financial results Wednesday after market close, with analysts expecting revenue of $16.82 billion.