S&P 500 Wavers Ahead of Key Inflation Data as Oil Spikes on Middle East Tensions
Markets pulled back to start the week as traders positioned ahead of Wednesday’s CPI report, while a flare-up in Strait of Hormuz tensions sent oil prices higher.
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Markets pulled back to start the week as traders positioned ahead of Wednesday’s CPI report, while a flare-up in Strait of Hormuz tensions sent oil prices higher.
The S&P 500 closed at a record 7,758 after a weak July jobs report cooled expectations of further Fed rate hikes, capping the market’s best week since April as the Nasdaq rebounded over 10% from its recent correction.
Amazon stock jumped as much as 13% on blowout Q2 results while Apple slid on weak China and Services numbers, as South Korea’s KOSPI surged 18% in an unprecedented single-day rally led by SK Hynix.
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Crude oil is on pace for its biggest monthly surge since March, up roughly 21% in July, as the US-Iran war and a stalled Strait of Hormuz standoff strain global supply — even as prices dipped slightly Thursday.
The Nasdaq slid into correction territory and the Dow posted its worst day since April 2025 after the Fed held rates steady for a seventh straight month and long-term bond yields jumped to multi-decade highs.
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South Korea’s KOSPI stock index has plunged in its worst two-day decline on record after SK Hynix earnings disappointed investors already worried about AI stock valuations.