From Investing.com: 2024-10-29 00:57:00

Oil prices dropped sharply as tensions in the Middle East ease, potentially breaking support at $66. The drop aligns with a stronger dollar, historically pushing oil prices lower. Real yields are rising, suggesting oil and commodity prices may struggle. The correlation between stocks and real rates has shifted, posing uncertainties for the stock market.

The S&P 500 paused its rally, trading sideways as oil prices fell. Despite the quiet day, Bloomberg 500 and Nasdaq saw positive breadth. Technical patterns for S&P 500 futures remain unchanged, moving within a rising wedge. The market’s behavior seems mysterious, with rallies that don’t always align logically.



Read more at Investing.com: Crude Oil Slump, US Dollar Strength Could Signal Trouble for Commodities