The S&P 500 Index is down 0.04% today, while the Dow Jones Industrial Average has decreased by 0.42%. In contrast, the Nasdaq 100 Index has risen by 0.19%. As of today, 82% of the 317 S&P 500 companies that reported Q1 earnings have beaten estimates, with overall earnings projected to climb 12% year-over-year.
Geopolitical tensions in the Strait of Hormuz have impacted the markets, with WTI crude oil prices slightly up following unverified reports of missile strikes on a US patrol boat, although US Central Command stated no vessels were hit. Goldman Sachs estimates that current disruptions may deplete nearly 500 million barrels from global crude stockpiles, potentially reaching 1 billion barrels by June.
Interest rate expectations remain low, with a 3% chance of a 25 basis point rate cut at the upcoming FOMC meeting on June 16-17. Meanwhile, the Euro Stoxx 50 is down 1.05%, signaling declines in overseas markets as China and Japan remained closed for holidays.
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