Oil prices fell yesterday while stocks rallied in what may be attributed in part to month-end flows.
Oil prices fell yesterday while stocks rallied in what may be attributed in part to month-end flows. But as we get into the new day, we’re still seeing equities hold steadier so far on the day.
It may a more muted session with European markets closed, but US futures are holding the gains from yesterday as we look to the final stretch of the week. S&P 500 futures are up 0.1% while Nasdaq futures are just marginally lower by 0.1% and Dow futures up 0.2% on the day. On the week itself, we’re still set for a more positive showing with the S&P 500 looking to secure a fifth straight week of gains.
And all of this is coming despite the US-Iran conflict continuing to drag on as talks remain stalled between the two sides. Adding to that, the Strait of Hormuz remains closed and is set to enter a tenth straight week of disruption. That is underpinning oil prices with Brent crude up 1% on the day to $111.50 and WTI crude up 0.5% on the day to $105.63.