Oil Prices Surge Amid Geopolitical Tensions, US Bond Yields Rise
U.S. stock futures are in negative territory after three days of decline.
The price of crude oil continues to rise due to heightened geopolitical tensions between the United States and Iran, with the West Texas Intermediate (WTI) benchmark trading above $100 per barrel and Brent at over $101 per barrel.
Despite the Treasury Department's assurance that it would buy back up to $6 billion in longer-term bonds, yields on U.S. long-term treasury notes have shown no signs of decline, with the 10-Year U.S. Treasury Note yield rising 72 basis points to 4.912% and the 30-Year U.S. Treasury Note yield increasing by 58 basis points to 5.344%.
A number of companies released their quarterly earnings reports, including Macy's (M), AeroVironment (AVAV), American Eagle Outfitters (AEO), The Cooper Companies (COO), which all beat analyst expectations with some exceeding them significantly.