US midday: equities ease, VIX sinks, crude slips on Hormuz reports
S&P 500 futures, Nasdaq futures, and long-duration Treasuries are lower at midday, while the VIX is down 12.9305% and the US 10-year yield is 5.
volatility -12.9305%Risk mood stays calmer despite softer equities
WTI crude -1.3268%Reports of an explosion near the Strait of Hormuz
S&P 500 ETF -0.4196%Midday equity softness
US 10-year yield 5Yield remains elevated
Lead: US midday risk appetite has faded. S&P futures, Dow futures, and the Russell future are lower, while the VIX is down 12.9305% to 15.42.
Session narrative: The S&P 500 ETF is down 0.4196%, the Dow ETF 0.6734%, and the Russell 2000 ETF 0.7709%. Nasdaq futures are off 0.1185%, while Nasdaq ETF is nearly flat. Long-duration Treasuries are lower and the US 10-year yield is at 5.
Cross-asset check: Dollar index is little changed at 100.3. USD/JPY is 156.784. WTI crude is down 1.3268% to 95.94, Brent is down 0.9106%, gold is up 0.4341%.
Themes & continuing stories: Rates stay heavy, energy is softer on Strait of Hormuz reports, and volatility remains subdued after the earlier Fed boost.
What’s ahead: Watch the afternoon equity tone, the ten-year yield, and crude reaction into the close.