Asian Stocks Rise as US Futures, Oil Prices Hold Steady

Asian stocks mostly rose on Monday while US futures and oil prices held steady. The S&P 500 fell 0.5% but remains near its all-time high set just two days prior. The Dow Jones Industrial Average dropped 272 points, or 0.5%, and the Nasdaq composite slipped 0.3%. Oil prices accelerated upward, with Brent crude rising 2.7% to $90.87 per barrel.

The price of oil has been volatile due to uncertainty over the war between Iran and the US. Last month alone, Brent traded between $72 and $102 as hopes for a deal allowing oil tankers to freely exit the Persian Gulf ebbed and flowed. Higher oil prices are worsening inflation and increasing the likelihood that the Federal Reserve will raise interest rates.

The yield on the 10-year Treasury climbed to 4.72% from 4.68% late Friday, which could slow down the economy but may also keep a lid on inflation. The average long-term US mortgage rate has jumped near its highest level in a year due to the rise in the 10-year Treasury yield.