June 09, 2026
Asian stock markets eked out a rally on Tuesday and oil prices came off highs after Israel and Iran said they would halt attacks on each other for now, while ever-hopeful investors bought the latest dip in semiconductor stocks.
Analysts cautioned the bounce was narrowly based with 60% of the S&P 500 finishing in the red overnight even as the overall index edged up. Share futures for Wall Street and Europe were also lower in early trading.
Higher bond yields continued to test stretched equity valuations, with shipping through the Strait of Hormuz still badly restricted.
"Inflation remains sticky enough that 46 of 68 global central banks are overshooting targets, which helps explain why bond markets are repricing for tighter policy, and why long-duration assets, private credit, and several EM currencies are struggling," analysts at BofA said in a note.
