Asian markets tumble after Iran says it's closing Hormuz Strait
Asian stock markets took a hit on Monday, mostly because oil prices shot up after Iran said it was closing the Strait of Hormuz, a key route for global energy.
Brent crude climbed 3.3% to $78.50 a barrel, and US crude rose 3.4% to $73.83, making investors worry about inflation and global costs going up.
Oil lifts yields, US futures slip
Rising oil prices pushed bond yields higher and made the US dollar stronger, while futures for big US indexes like the S&P 500 and Nasdaq slipped as traders braced for a possible Fed rate hike.
South Korea's market kept sliding, especially with uncertainty around chip stocks, even though SK Hynix's US debut was strong.
Meanwhile, Citi analysts are still upbeat on tech and AI stocks, saying solid earnings could help steady things despite all the volatility and global tension right now.