Oil Climbs as US-Iran Deadlock Lifts Bond Yields

Hardika Singh, Fundstrat Economic Strategist says that tech stock earnings are really driving the stock market more than the war in Iran. A renewed advance in oil prices sent bonds lower after the US and Iran failed to agree on terms to end their war, dashing hopes for a revival of the Strait of Hormuz while stoking inflation concerns. The Treasury market, which has priced out the odds of Federal Reserve rate cuts this year amid the Middle East conflict, saw an increase in yields. Another rally in chipmakers left the S&P 500 at all-time highs, but most of the US equity benchmark’s shares retreated (Source: Bloomberg)