Stocks Rise as Crude Oil Prices Stabilize, Bitcoin Hits 3-Month High

The S&P 500 Index and Dow Jones Industrial Average are up today, while the Nasdaq 100 Index is up slightly. This follows a stabilization in crude oil prices, which temporarily eased inflation concerns. Crude oil prices consolidated below Thursday's 1-month high after comments from Iranian President Masoud Pezeshkian.

The US Treasury Secretary announced plans to isolate Iran's economy on Monday, but markets await further details. The 10-year T-note yield is up by +0.8 bp to 4.712% today. Earnings growth for the S&P 500 is expected to be almost 32% in Q2.

Cryptocurrency-exposed stocks are leading gainers in the broader market, with Bitcoin's price soaring to a 3-month high and up more than +5%. Institutional buying returned to support Bitcoin this week after the US Treasury announced it would double its long-dated bond buybacks. Over $2 billion in short Bitcoin positions have been liquidated since Wednesday.