Oil Stocks Rally, S&P 500 Plunges As Iran Ceasefire Sinks: Stock Market Today
U.S. stocks fell for a second straight session on Wednesday as surging energy prices rekindled inflation fears and pushed Treasury yields higher, with equities sliding after President Donald Trump declared the June ceasefire with Iran “over.” The move followed a fresh U.S. strike on Iran and reports that Tehran had targeted merchant ships in the Strait of Hormuz, after Washington revoked a waiver that had allowed Iranian crude sales. That was enough to send oil sharply higher and equities lower, as the prospect of costlier energy collided with a Federal Reserve that markets increasingly fear could tighten again. West Texas Intermediate crude jumped 7.4% to around $75.69 a barrel, while Brent roared back above $80, up 7.9%. Diesel futures surged more than 13% as traders braced for tighter refined-product supply. The 10-year Treasury yield rose for a second session, trading...
S. S. strike on Iran and reports that Tehran had targeted merchant ships in the Strait of Hormuz, after Washington revoked a waiver that had allowed Iranian crude sales. That was enough to send oil sharply higher and equities lower, as the prospect of costlier energy collided with a Federal Reserve that markets increasingly fear could tighten again.
9%. Diesel futures surged more than 13% as traders braced for tighter refined-product supply. 6%, as investors repriced inflation risk. Markets now assign roughly a 66% chance of a Fed rate hike in September, up from 62% on Tuesday.
S. equity markets by midday Wednesday, losses were broad-based. 5%, to 52,119. 1% to 28,853, weighed by a fresh leg lower in chipmakers on concerns hyperscalers may slow AI infrastructure spending.
Precious metals sold off as fears of rate hikes lifted real yields. Gold fell 2% to around $4,025 an ounce, its lowest in a week, dragging the SPDR Gold Shares (NYSE: GLD ) lower. 9%. 5%.
1%. 6%. 4% as crude spiked. 4% as rising yields and pricier fuel squeezed consumers.
6%. Defensive utilities and consumer staples held roughly flat. The rotation showed up at the industry level. Explorers and services rode the crude rally, with the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE: XOP ) and the VanEck Oil Services ETF (NYSE: OIH ) among the day’s standout gainers.
S. Global Jets ETF (NYSE: JETS ) came under pressure as the jump in fuel costs threatened airline margins. Refiners, Producers Lead Russell 1000 Valero Energy Corp. 0%, HF Sinclair Corp.
6%, all direct beneficiaries of surging crude and the revoked Iranian oil waiver, which points to tighter global supply and fatter refining margins. Occidental Petroleum Corp. 6% on the same crude tailwind. Kirby Corp.
8%, with the marine transporter of petrochemicals and refined products riding the broad energy bid. The session’s top gainer was TeraWulf Inc. 8% and rebounding from Tuesday’s steep slide as analysts including Rosenblatt and Bernstein raised or reiterated bullish price targets following the data-center operator’s roughly $19 billion AI hosting lease with Anthropic. Bloom Energy Corp.
9%. Wingstop Inc. 9% amid the consumer-discretionary rout and lingering analyst caution, including a recent TD Cowen downgrade on 2026 sales concerns, though no fresh Wednesday catalyst was confirmed. Wednesday’s Russell 1000 Top Gainers Name % change TeraWulf Inc.
80% Valero Energy Corp. 03% HF Sinclair Corp. 88% Kirby Corp. 59% Wednesday’s Russell 1000 Top Losers Name % change Bloom Energy Corp.
91% Wingstop Inc. 87% QXO Inc. 76% Wayfair Inc. 61% Ollie’s Bargain Outlet Holdings Inc.
18% Image: Shutterstock