Yahoo Finance
Wall Street stocks were mixed on Tuesday on a record-setting rally as hopes faded for a swift return of Strait of Hormuz oil flows and focus turned to the Federal Reserve's policy meeting.
The Dow Jones Industrial Average (^DJI) nudged up 0.4% aftersoaring to an all-time closing highon Monday as markets celebrated aUS-Iran peace deal.
The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC), meanwhile, hovered near the flat line.
Markets are digesting warnings that Friday's reopening of the Strait of Hormuz promised by the US-Iran agreement isn't likely to be easy, and itcould take monthsfor oil shipments to ramp up.Uncertaintyover the deal's details, which have yet to be released, is also cooling optimism.
However, US officials have said commercial traffic will be allowed to use the waterway without tolls.
That provides a complicated backdrop to the Fed meeting, with recentinflationreportsrunning hotter than expected amid the war in Iran, which has pushed energy prices higher.
Its counterpart, the Bank of Japan, on Tuesdayraised its benchmark interest rateto a 31-year high to counter those price pressures.
Officials begin their June meeting on Tuesday, ahead of Wednesday's closely watched rate decision — thefirst under President Trump-backed Chair Kevin Warsh.
While the Fed isoverwhelmingly expected to hold rates steadythis time, many on Wall Street expect a shift toward hikes this year in the "dot plot" of policymakers' expectations.
Meanwhile, SpaceX (SPCX) shares jumped further, pointing to a third day of post-IPO gains.
The Elon Musk-led company opened higher and is close toovertaking Amazon(AMZN) in market value, which would make it the world's fifth-largest company.
Contrary to popular consensus that the Federal Reserve should be holding or even raising rates, BlackRock chief investment officer of fixed income Rick Rieder told Yahoo Finance he believes the Fed should move toward cuts.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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