Stock futures dipped Sunday as investors were forced to confront the inconvenient reality that the Strait of Hormuz remains closed with oil markets edging closer to a cliff’s edge.
Futures tied to the Dow Jones industrial average fell 174 points, or 0.35%. S&P 500 futures were down 0.26%, and Nasdaq futures lost 0.32%.
U.S. oil futures rose 1.75% to $107.26 a barrel, while Brent crude climbed 1.32% to $110.70. Gold fell 0.37% to $4,545 per ounce.
The U.S. dollar was up 0.09% against the euro and up 0.06% against the yen. The yield on the 10-year Treasury climbed 1.6 basis points to 4.611%.
Last week’s euphoria came to screeching halt on Friday, when the U.S.-China summit failed to produce a breakthrough that would reopen the strait and allow oil supplies to flow again.
