Brent Tops $99 on Iran Strikes; Dow Drops 1.2% — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Brent crude topped $99 per barrel in after-hours trading while West Texas Intermediate crept above $94, following a report of an undisclosed second Iranian salvo against U.S. Navy ships this week
- The Dow dropped 1.2% on Tuesday — its worst day in nearly three weeks — while the S&P 500 slid 0.6% and the Nasdaq Composite fell 0.3% as rising oil pressured equities in the first session of a holiday-shortened week
- The 10-year U.S. Treasury yield briefly climbed above 4.8% as oil's advance fueled fresh inflation concerns, adding another drag on equities during the session
- Kara Murphy, investment chief at Kestra Investment Management, called the selloff "a little bit of a speed bump" and said the market has "shifted its attention now to the risk side" as the earnings calendar thins
- ServiceTitan shares tumbled 19% and Casey's General Stores lost 10% in extended trading despite both beating analyst forecasts, while Mission Produce jumped 7.5% on a fiscal third-quarter beat
- No major economic data or corporate earnings are slated for Wednesday, leaving traders focused on upcoming inflation readings later in the week for signals on how the Federal Reserve may move interest rates
Why it matters: Brent's push past $99 and the 10-year yield's breach of 4.8% show energy-driven inflation is already repricing bonds and equity multiples before any new CPI data lands. With no earnings or releases Wednesday, traders have nothing to offset Iran-risk headlines — meaning further oil escalation feeds directly into the Fed's rate path debate, not just sentiment.
Ask SkimNews
