As oil prices continue to move up, there was a surprising rally in US stocks yesterday.
As oil prices continue to move up, there was a surprising rally in US stocks yesterday. But after some fake news chatter overnight, that is putting a dampener on the risk mood as we get into the new day.
S&P 500 futures are now down 0.5% with the cautious optimism this week being uncovered to be a rather fragile one. All it takes is one negative headline blip and it could all come undone. And after having that exposed for just a moment, we’re starting to see a more nervous mood again.
As a reminder, US president Trump has set no deadline to the ceasefire extension this time around. And on the Iran side of things, they are continuing to maintain that there is no point for negotiations so long as the US naval blockade continues. So, we’re basically at a high-level stalemate until someone decides to cede some ground.