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Iran Fires on Three Ships in Strait of Hormuz, Sending Markets Into Fresh Turmoil

Co mmercial vessels transit the Strait of Hormuz as regional tensions escalate following reports that Iran fired on three ships, raising fresh concerns for global oil supply and market stability. Iran’s latest escalation in the Strait of Hormuz—firing on three commercial vessels and seizing at least two—has intensified geopolitical risk at one of the world’s most critical energy chokepoints. The attacks, carried out by Iran’s Revolutionary Guard, come just hours after President Donald Trump extended the U.S.–Iran ceasefire indefinitely, though Washington has vowed to maintain its blockade of Iranian ports.  The renewed hostilities underscore the fragility of diplomatic efforts. Iran has not formally acknowledged the ceasefire extension and appears to be leveraging control of the strait—through which roughly 20% of global oil and natural gas flows —to strengthen its negotiating position. The continued closure or disruption of the waterway has already pushed gas and food prices sha...
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Stocks Rise as Weak Economic Data Sink US Yields

                                        

Wall Street traders sent stocks higher and bond yields fell as a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to start cutting rates this year. In a shortened session ahead of the US holiday, the S&P 500 headed toward a fresh all-time high.

In summary:

  • The S&P 500 rose to around 5,520.
  • Tesla Inc. extended its rally into a seventh straight session.
  • Amazon.com Inc. fell.
  • Treasury 10-year yields fell seven basis points to 4.36%.
  • Swap traders project almost two rate cuts in 2024, with the first in November.
  • The dollar headed toward its biggest drop since mid-May.

Investors are closely watching Friday’s employment data for further insight into the state of the labor market. Economists anticipate a 190,000 gain in nonfarm payrolls, with the unemployment rate holding at 4%.


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