US markets slip as oil hits $102 after Hormuz tensions
US stocks and bonds slipped on Wednesday, with oil prices jumping to $102 a barrel after tensions in the Strait of Hormuz.
This fueled fears about rising inflation and possible Federal Reserve rate hikes, pulling the S&P 500 down from its record high and snapping the Nasdaq-100's six-day winning streak.
Treasury 10-year yields near 2002 highs
Treasury 10-year yields hovered near the highest since 2002, as investors demanded better returns with inflation and government spending in focus.
The US dollar got stronger while Bitcoin lost ground.
Analysts now expect the Fed might raise rates by year-end, so experts are suggesting people look at AI-driven productivity and diversify with quality fixed-income investments.
Strong company earnings will be key, with S&P 500 profits are expected to rise roughly 25% in the third quarter from a year earlier.