An attempt at an afternoon rally was cut short minutes ago as the interim peace deal in Iran appears to be teetering.
Following the attack of three ships — reportedly by Iran — in the Strait of Hormuz, the U.S. Treasury has revoked a waiver put in place in June that allowed the sale of Iranian oil.
The price of WTI crude oil has spiked more than 5% to $72.11 per barrel and U.S. Treasury yields have jumped higher.
U.S. stocks, which had been attempting to rally in afternoon trading, sank back near session lows, the Nasdaq down 1.3%.
Bitcoin has slipped to $63,600 from $64,100.
South Korean memory-chip maker SK Hynix's U.S. IPO — set for Thursday — is multiple times oversubscribed, reports Bloomberg.
The company — valued at more than $1 trillion after massive gains over the past year — is expected to raise about $28 billion, which would make it the largest-ever U.S. capital raise by a foreign issuer.
The Nasdaq has narrowed what was more than a 1.5% decline to just 0.5% about 90 minutes before the close.
The AI trade remains sharply lower, but gains for the hyperscalers are helping the overall average. Microsoft, Amazon, Google, and Meta are all higher by 1%-2%.
Bitcoin is trading in a tight range around the $64,000 level.
"After holding the lows during extreme Saylor fears, some [bullish divergence] shown on momentum indicators, and relative strength shown to equities last few days," wrote well-followed analyst Will Clemente minutes ago. "With implied volatility floored, most interesting spot for crypto in a while here."
Bitcoin has risen to $63,400 even as the Nasdaq remains near session lows, down 1.4%.
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