World shares slipped and oil prices soared today on deepening concern over the Israel-Hamas war, according to the Associated Press. U.S. futures edged lower, auguring more losses after a retreat Thursday driven by rising bond yields. The future for the S&P 500 lost 0.3%, while the Dow Jones Industrial Average lost 0.2%.
The stock market has largely been taking its cues from the bond market recently. Weak results announced on Thursday for an auction of 30-year Treasury bonds sent yields higher on all kinds of Treasurys.
Oil prices gained about $3 early this morning after Israel’s military ordered hundreds of thousands of civilians living in Gaza City to evacuate ahead of a possible ground offensive. Since their summertime leap and subsequent regression a couple weeks ago, crude oil prices have been jolted by the fighting in Gaza.
A barrel of benchmark U.S. crude gained $2.97 to $85.88 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged $2.98 to $89.01 per barrel.
A reporting season for S&P 500 companies is starting that could mark a return to profit growth following three straight quarters of declines. Several financial giants issue reports today, including Citigroup, JPMorgan Chase, and Wells Fargo, along with UnitedHealth Group.
In currency trading today, the U.S. dollar fell to 149.63 Japanese yen from 149.81 yen.
