Oil surge sends S&P 500 futures lower as investors await Nvidia earnings
U.S. Treasury yields and stocks fluctuated as oil prices repeatedly surged and plunged amid reports related to Iran’s nuclear program. Markets reacted sensitively to volatility ahead of Nvidia’s earnings announcement.
News related to Iran’s nuclear program fueled market volatility day after day. International oil prices surged after reports that Iran’s leader had demanded uranium enrichment, and S&P 500 futures fell. U.S. Treasury yields fluctuated over the same period.
Earlier, U.S. stocks fell amid news of rising tensions related to Iran. At that point, rising U.S. Treasury yields added to downward pressure on stocks. Crude oil prices also eased at times.
The next day, oil prices and Treasury yields fell amid hopes for easing tensions related to Iran. Major indexes edged higher in this environment. Some investors at that time factored in the possibility that geopolitical risks could ease in the future.
After that, oil prices rose again following further reports related to uranium enrichment. In response to the rise in oil prices, S&P500futures and some stocks fell. Volatility in energy and financial stocks increased.
The corporate earnings calendar also influenced market reactions. Technology stocks in particular moved sensitively ahead of Nvidia's earnings announcement. Some stocks rose on earnings expectations, while energy stocks moved in different directions depending on oil price fluctuations.
In summary, recent fluctuations unfolded amid the interplay of geopolitical news, changes in crude oil prices, and movements in Treasury yields. Investors are closely watching Nvidia's earnings announcement and geopolitical news. The future direction of oil prices and interest rates is expected to determine the market's short-term direction.
Sources: Reuters,Yahoo Finance
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