Big tech stocks fell in overnight trading. Micron, Broadcom down over 3%; AMD, TSMC, Alphabet, SMCI, Tesla, Oracle, Microsoft, Nvidia, down around 2%.
The inflationary pulse from surging oil prices threatened to raise living costs, and perhaps interest rates, across the globe, while an investor hunger for liquidity kept the U.S. dollar in demand.
Oil stocks surged in overnight trading. US Energy up over 20%; Indonesia Energy up over 18%; Battalion Oil up over 17%; MPC up 5%; Occidental up 4%.
Oil smashed through $100 a barrel as more major Middle East producers curbed production, the Strait of Hormuz remained all but closed and the US threatened to deepen a conflict that has upended energy markets.
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