- US stocks fell, with S&P 500 futures down 0.6% and Nasdaq 100 contracts sliding 1%, as 30-year Treasury yields climbed to 5.43%, their highest since 2004.
- Oil prices rose toward $104 a barrel after an Iranian official warned of potential war expansion, fueling anxieties over stubborn inflation.
- Swaps indicated expectations for three additional quarter-point Fed hikes over the next year, while European central banks warned about price pressures and hiked rates.
- Asian bonds and stocks were set for further losses Friday as elevated oil prices fueled inflation concerns, driving long-term Treasury yields to multi-decade highs and raising the prospect of further Federal Reserve rate hikes.
- Gold futures fell for a fourth straight session, with Forex.com analyst Fawad Razaqzada seeing further declines as elevated oil prices drive inflation pressures higher.
Quotes
“higher-for-longer rate expectations”
“eroding the relative appeal of equities and pressuring valuations”
“cap valuation expansion and make earnings growth increasingly important”
“precious metals could continue to struggle as elevated oil prices drive inflation pressures higher”