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 -0.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.11%. June E-mini S&P futures (ESM26) are down -0.14%, and June E-mini Nasdaq futures (NQM26) are up +0.10%. Stock indexe
The S&P 500 Index ($SPX) (SPY) is down -0.08%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.11%. June E-mini S&P futures (ESM26) are down -0.14%, and June E-mini Nasdaq futures (NQM26) are up +0.10%.
Stock indexes are mixed, pressured by today's +8% rally in crude oil prices and the +7 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 consistently said there would 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 +3% 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.
Stocks are seeing support after the May US manufacturing PMI rose +1.3 points to 54.0, stronger than expectations for a +0.3 point rise to 53.0. However, S&P's final-May manufacturing PMI was revised -0.2 points lower to 55.1 from the preliminary report of 55.3, versus expectations for an unrevised report. On a positive inflation note, the May ISM prices-paid index fell by -2.5 points to 82.1 from 84.6, weaker than expectations for a +0.4 point rise to 85.0.
