As of today, the S&P 500 Index is down 0.20% while the Dow Jones Industrial Average is off 0.04%, and the Nasdaq 100 Index has dropped 0.57%. June E-mini S&P futures are down 0.28%, and June E-mini Nasdaq futures have decreased by 0.57%. A significant factor influencing the market includes rising crude oil prices amid ongoing tensions between the US and Iran, specifically regarding the closure of the Strait of Hormuz. The 10-year T-note yield rose to 4.63%, the highest in 15 months.
The May NAHB housing market index increased by 3 points to 37, surpassing expectations of no change at 34. In contrast, concerning economic data from China indicated that industrial production rose only 4.1% year-on-year, falling short of the 6.0% forecast. Additionally, April retail sales saw just a 0.2% increase year-on-year, also below expectations.
Today’s volatility in the oil market included a rebound to a two-week high, primarily due to comments from Iran about unrealistic US demands for peace. This, compounded by Pakistan’s deployment of troops to Saudi Arabia and rising geopolitical tensions, has led to a mixed performance in global stock markets, with the Euro Stoxx 50 up 0.45% while China’s Shanghai Composite fell 0.09%.
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