Stocks Pressured as Oil Prices Jump on Report that Iran Has Halted Ceasefire Negotiations

The S&P 500 Index ($SPX) (SPY) is down -0.08%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.28%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.36%.  June E-mini S&P futures (ESM26) are down -0.05%, and June E-mini Nasdaq futures (NQM26) are up +0.11%.

Stock indexes are mixed, pressured by today's +6% rally in crude oil prices and the +6 bp rise in the 10-year T-note yield.  Crude oil rallied sharply after a report that Iran has halted the exchange of messages with the US regarding a draft ceasefire agreement due to Israel's stepped-up attacks on Lebanon.  Iran has previously said there will be no US-Iran ceasefire without a truce in Lebanon.  President Trump said Sunday night, "It will all work out in the end," even though attacks continue on both sides and Israel continues to launch attacks in Lebanon.

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Tech stocks are seeing support as Nvidia is up more than +4% after saying it will enter the PC market with a new chip aimed at PC's that seeks to break the stranglehold of Intel and AMD.  Moreover, software stocks are doing well today, with Microsoft up by more than +2%, after Nvidia's CEO soothed concerns about AI disruptions.

The markets are looking ahead to Friday's US unemployment report, which is expected to show an unchanged unemployment rate of +4.3% and a rise in payrolls of +89,000.