US Midday: Stocks lower, yields higher as Iran and diesel ban risk keep pressure on tape
S&P futures are lower, the ten-year yield is at 5.1, and WTI crude is 92.38 as traders weigh geopolitical risk and a possible diesel export ban.
Nasdaq futures -1.0523% dayTech-led pressure and higher yield backdrop
S&P 500 futures -0.747% dayRisk-off tone and rising yields
US 10-year yield +2.5765% dayGlobal yields climbing and rate-hike odds higher
WTI crude +2.0548% dayIran and Strait of Hormuz uncertainty
Lead: US stocks are weaker at midday, with Nasdaq futures leading the decline as the ten-year yield pushes higher and crude stays firm.
Session narrative: Global yields are still driving the tape. The ten-year yield is at 5.1, TLT is lower, and the VIX is higher as traders lean more defensive. Equity futures are red across the board, with tech under the most pressure.
Cross-asset check: The dollar is firmer, dollar-yen is higher, and oil is bid, with WTI at 92.38 and Brent at 98.01. Gold and silver are softer, while copper is also lower.
Themes & continuing stories: The main themes are higher rates, Iran and Strait of Hormuz risk, and the diesel export ban debate. Global yields are at multi-year highs, and the market is still repricing inflation risk.
What’s ahead: Next catalysts are the Fed Beige Book, corporate earnings, and the RBA and Bank of Canada rate decisions.