Commodities
US Stocks, Oil Prices Rebound as Market Awaits Fed Rate Hike Decision
Major stock indexes fell on Monday as oil prices gave back some earlier gains. The Nasdaq led Wall Street lower, despite shares of NVIDIA rising 1.7% after boosting its share buyback authorization by a record $150 billion.
Oil prices had surged at one point by more than $4 a barrel after US President Donald Trump rejected an Iranian proposal to reopen the crucial Strait of Hormuz.
The market narrative is about higher yields for longer, putting pressure on equities, according to Oliver Pursche, senior vice president and advisor for Wealthspire Advisors.
US Treasury yields have risen to multi-year highs, with the 30-year bond yield reaching 5.5704% from 5.502% late Friday. The 10-year note yield rose to 5.251%, up 6.98 basis points.