S&P 500 Struggles as Oil Prices Surge Amid Middle East Tensions
US stocks are showing caution ahead of this week's inflation data, which is expected to provide further clues on the Fed's rate trajectory. The S&P 500 index has been struggling as oil prices near $100 a barrel amid renewed tensions in the Middle East.
The market is pricing in a 60% chance of a Fed rate hike next week, and investors are closely watching inflation data on Thursday and Friday. Treasury yields have dipped slightly, with the 10-year Treasury yield at 4.76%, while the 2-year Treasury yield has fallen to 4.36%.
Corporate movers include Qualcomm, which is jumping 10% after announcing a partnership with Amazon Web Services, and D-Wave Quantum, Rigetti Computing, and Quantinuum, which are rallying after receiving investments as part of a $300 million Chips Act deal.