Stocks Pare Losses as Oil Eases on Hormuz Hopes: Markets Wrap

Volatility eased across asset classes as oil’s early surge petered out, with stocks and bonds bouncing from session lows after Israel said it’s helping the US open the vital Strait of Hormuz.

The S&P 500 pared most of a 1% drop. US oil fell to $95 in post-settlement trading. Israeli Prime Minister Benjamin Netanyahu said Iran is no longer able to enrich uranium or manufacture ballistic missiles, adding the war will end a lot faster than people think. The US authorized the delivery and sale of some Russian crude. In late hours, FedEx Corp. gave a bullish outlook.