Oil prices climb back toward $100, but US stocks hang near their records

Key Points:

• Oil prices rose 1.6% to $97.51 per barrel after Iran fired missiles toward Kuwait and Bahrain, prompting the U.S. to strike an Iranian military site, raising concerns about the U.S.-Iran ceasefire and global oil supply.
• Despite rising oil prices and inflation concerns, U.S. stocks held near record highs, with the S&P 500 slipping 0.2% but potentially on track for its longest winning streak in over 30 years if it closes higher.
• Strong corporate earnings boosted some stocks, with Macy’s gaining 1% on better-than-expected profits and GameStop rising 9% after reporting 14% revenue growth and announcing a $2 billion share buyback program.
• Treasury yields increased alongside oil prices, with the 10-year yield hitting 4.48%, contributing to pressure on stocks and raising borrowing costs, which could slow economic growth and impact smaller companies.
• International markets showed mixed results, with Europe dipping, Hong Kong’s Hang Seng down 1.6%, and Japan’s Nikkei 225 up 2.5%, driven by gains in tech stocks amid excitement over artificial intelligence advancements.