A naphtha shortage, stemming from the Iran conflict, is paralyzing petrochemical giants in Japan and South Korea, with operating rates slashed and supply chains under threat.
US consumer confidence dipped in May as inflation worries tied to the Iran conflict offset labor market improvements. The dollar firmed amid renewed geopolitical uncertainty.
The 30-year Treasury yield surged to 5.183%, its highest since 2007, as inflation fears reignite. Analysts now warn the Fed may need to raise rates, upending market expectations.
The S&P 500 holds steady amid geopolitical turmoil, with energy stocks rallying on oil price spikes. Analysts see sector rotation and defensive plays dominating.