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Oil Prices Steady Ahead of Planned US-Iran Ceasefire Talks
Brent Crude Fell 0.5% to $95.47
NEW YORK — Stocks wavered on Wall Street April 10 and oil prices held steady amid a shaky ceasefire agreement between the U.S. and Iran.
The S&P 500 rose 0.2% in morning trading and is heading for a second consecutive winning week. The Dow Jones Industrial Average fell 106 points, or 0.3%, as of 10:43 a.m. Eastern. The Nasdaq composite rose 0.6%.
Major indexes have been gaining ground over the last two weeks amid optimism that the war with Iran could be heading toward a resolution. The market is still prone to big swings on developments around the war.
Trading on Wall Street remained choppy. There were more stocks losing ground than making gains within the benchmark S&P 500. The index has erased most of its losses from March and is just 2% short of its all-time high set in January.
Technology companies with hefty values helped counter losses elsewhere in the market.
Nvidia rose 2.4% and Broadcom rose 4.9%.
Markets in Asia and Europe gained ground.
BREAKING: BLS gasoline index surged 21.2% in March- the largest monthly jump since 1967- when this dataset was first published. BLS relies in part on GasBuddy data, and this matches exactly what we’ve been tracking. — Patrick De Haan (@GasBuddyGuy)
Oil prices have been behind many of the stock market’s sharp movements. Oil prices have surged as shipping through the vital Strait of Hormuz essentially stalled since the war began.
Brent crude oil, the international standard, has gone from roughly $70 per barrel before the war in late February to more than $119 at times. Brent fell 0.5% to $95.47 April 10.
U.S. crude oil prices fell 0.3% to $97.59 per barrel.
Negotiators from Iran and the U.S. are preparing for high-level talks on April 11. The situation remains uncertain. Iran’s semiofficial Tasnim news agency claimed that talks wouldn’t happen unless Israel stopped its attacks in Lebanon.
The conflict is behind surging inflation in the U.S. in March. The government reported the biggest spike in inflation in four years as prices at the gas pump jumped. But, the inflation increase was just short of what economists expected.
Bond yields held mostly steady following the latest inflation update. The yield on the 10-year Treasury rose to 4.31% from 4.29% late April 9.
Inflation has been a lingering concern for economists and the Federal Reserve. Prices on a range of consumer goods and services are already stubbornly high, in part from the impact of extensive global tariffs. Higher gas prices are immediately felt by drivers at the pump, but they could eventually raise prices on everything from food to airfare as companies pass along higher costs for shipping and fuel.
Consumer sentiment slumped 10.7% percent in April, according to a closely watched monthly survey from the University of Michigan. It also shows that consumers are growing more worried about inflation, with year-ahead expectations surging to 4.8% in April from 3.8% in March.
Jeremy Sanders and Todd Eicher of Stoughton Trailers look at where trailer demand stands today and where the market is headed.ÌýTune in above or by going to .ÌýÌý
Inflation remains a major concern for the Federal Reserve, which has signaled more caution amid worries about inflation reheating. The rate of inflation remains above the central bank's 2% target. The threat of rising inflation will likely mean the central bank continues to hold interest rates steady. Several Fed officials have also said aÌýrate hike may be neededÌýif inflation doesn’t cool.
Lower interest rates help boost stocks and other investments by lowering borrowing costs. Interest rate cuts also risk worsening inflation.
Wall Street is forecasting that the Fed will likely hold its interest rate steady through 2026.
