Stocks Churn on War Jitters as Oil Keeps Rallying: Markets Wrap

Wall Street traders parsing geopolitical headlines kept a lid on stocks and bonds, with oil jumping as a move from rich nations to deploy reserves was considered just a reprieve amid the war in Iran.

US crude topped $87 despite the International Energy Agency’s approval of its largest-ever release of emergency stockpiles. Relatively tame inflation data from before the outbreak of the conflict failed to boost risk appetite, with the S&P 500 wavering. Treasuries slid, leaving traders anticipating the Federal Reserve will cut rates only once this year.