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US Equity Indexes Rise After Treasury Lifts Buyback Limit, Fed Minutes Show Most FOMC Participants Agreed to Hold Rates Steady at July Meeting

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US equity indexes rose ahead of the close on Wednesday after the Treasury Department said it would increase buybacks of long-dated government debt to at least $4 billion per operation in September from $2 billion, and minutes of the July 28-29 meeting of the Federal Open Market Committee showed that most participants supported maintaining the federal funds rate at 3.50% to 3.75%.

The Nasdaq Composite rose 0.2% to 26,351.9, the S&P 500 gained 0.3% to 7,716.6, and the Dow Jones Industrial Average increased 0.2% to 53,453.6. Healthcare and consumer discretionary led the gainers, while industrials and financials led the decliners.

The yield on 30-year Treasuries fell 8.9 basis points to 5.196%, while the 10-year yield fell 5.3 basis points to 4.653%.

Gold futures gained 3% to $4,557.1 per ounce, and silver futures rose 3.5% to $66.33.

In economic news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Aug. 14, following an increase of 11.3 million barrels in the prior week.

The US West Texas Intermediate crude oil contract rose 0.8% to $85.65 per barrel.

US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by declining home purchase applications, according to the Mortgage Bankers Association.

In company news, Moderna (MRNA) shares climbed 169%, and Merck (MRK) shares gained 13% after the companies said a trial of intismeran autogene combined with Keytruda met the primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.

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US Equity Markets End Lower Amid Rise in Government Bond Yields Following Deadlock in US-Iran Talks

US equity indexes ended lower Tuesday after crude oil prices rose and the 30-year government bond yield hit a 19-year high following President Donald Trump's declaration that the US is not negotiating any deal with Iran.* "There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform and claimed that the Strait of Hormuz is "New U.S. Territory."* The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.* US housing starts dropped 12% sequentially to a seasonally adjusted rate of 1.24 million units last month, the Census Bureau and the Department of Housing and Urban Development said. The analyst consensus stood at 1.35 million in a Bloomberg-compiled survey.* Pending home sales fell 2.3% in July, compared with a 4.8% drop in June, according to the National Association of Realtors. Analysts expected no change in a Bloomberg-compiled survey.* September West Texas Intermediate crude oil rose $0.49 to settle at $84.99 per barrel, while October Brent crude, the global benchmark, was last seen up $0.10 at $90.97.* Targa Resources (TRGP) shares were up about 7.4%, the top performer on the S&P 500, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).* Nvidia (NVDA) talent is being recruited by Etched, with about 15% of the AI startup's 400 employees having previously worked at Nvidia, The Wall Street Journal reported. Nvidia shares were down 2.3%, the second-worst performer on the Dow.

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Update: US Equity Indexes Fall as 30-Year Yield Hits 19-Year High, Crude Oil Advances

(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes declined, with chipmakers helping drive technology to the bottom of sector charts, after the 30-year government bond yield touched levels last seen around the 2007 global financial crisis and crude oil prices extended gains.The Nasdaq Composite dropped 1.3% to 26,304.5, and the S&P 500 declined 0.6% to 7,698.6 ahead of Tuesday's close. The Dow Jones Industrial Average slipped 0.1% to 53,402.9. Technology and industrials led decliners.Most US Treasury yields retreated after midday. The 30-year yield fell 2.5 basis points to 5.29% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The front-month US West Texas Intermediate crude oil contract rose 0.6% to $85.01 per barrel, and global benchmark North Sea Brent edged up 0.1% to $91.00 per barrel a day after the deadline to reach a permanent peace deal with Iran expired."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," President Trump posted on his social media platform.The Strait of Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported Tuesday, citing Iran's negotiator Mohammad Baqer Qalibaf in state media.On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory." More than 80% of vessel transits through the Strait of Hormuz over the past two weeks have taken the Omani route - a UN-authorized shipping channel that Iran vehemently opposes - according to Kpler, which tracks ships using transponders and satellite data, CNN reported.

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Update: US Equity Indexes Fall as 30-Year Yield Remains Elevated, Crude Oil Jumps

(Updates with index/price moves, analyst comments and geopolitical news from the first paragraph.)US equity indexes fell after crude oil advanced amid worsening geopolitics related to Iran, while the 30-year government bond yield hovered close to levels seen around the 2007 global financial crisis.The Nasdaq Composite dropped 1.1% to 26,348.1, and the S&P 500 declined 0.5% to 7,702.9 after midday Tuesday. The Dow Jones Industrial Average slipped less than 0.2% to 53,378.7.Technology, industrials and communication services led decliners.Most US Treasury yields retreated after midday. The 30-year yield hovered at around 5.29% after touching 5.34% intraday, the highest since 2007.The increase in the 30-year yield to a 19-year high comes amid concerns that an imminent escalation in the Middle East sent Brent crude prices above $90 a barrel and will fan fears of inflation, according to a D.A. Davidson research note Tuesday.The front-month US West Texas Intermediate crude oil contract rose 0.9% to $85.25 per barrel, and global benchmark North Sea Brent edged up 0.7% to $91.47 per barrel a day after the deadline to reach a permanent peace deal with Iran expired and as tensions mounted between the warring sides."There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," Trump posted on his social media platform. "The Hormuz Strait is open and operating. All water mines have been removed or detonated."Hormuz will remain closed until the US meets the conditions of an interim deal signed with Iran in June, Reuters reported, citing Iran's negotiator Mohammad Baqer Qalibaf in state media on Tuesday. On the same day, Trump posted an image that showed the Strait of Hormuz as "New U.S. Territory."

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