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Stocks Pressured by Higher Oil Prices, But Positive Oracle AI News Helps Tech Stocks
Barchart - Wed Mar 11, 11:22AM CDT
The S&P 500 Index ($SPX) (SPY) is down -0.30%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.88%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.11%. March E-mini S&P futures (ESH26) are down -0.42%, and March E-mini Nasdaq futures (NQH26) are down -0.26%.
Stocks are being undercut by today’s +6 bp rise in the 10-year T-note yield and the +4% rally in WTI crude oil prices. Crude oil prices are trading higher despite the IEA’s decision to release oil stockpiles.
Stocks are seeing downward pressure as the Iran war drags on, with three vessels hit by missiles today in the Strait of Hormuz and the Persian Gulf, and new missile volleys hitting Israel.
However, tech stocks are seeing support from today’s positive AI news from Oracle.
Stocks showed little net reaction to the CPI report, which was in line with market expectations.
The oil market took in stride today’s decision by IEA members to release 400 million barrels of oil from strategi... Read more
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Stocks Pressured by Higher Oil Prices, But Positive Oracle AI News Helps Tech Stocks Barchart - Wed Mar 11, 11:22AM CDT
The S&P 500 Index ($SPX ) (SPY ) is down -0.30%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.88%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.11%. March E-mini S&P futures (ESH26...
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