Stock Market Update
23-Jul-26 12:05 ET
Oil surge increases odds of a near-term rate hike
Dow -532.47
at 51686.11,
Nasdaq -594.22
at 25117.69,
S&P -97.38
at 7401.58
[BRIEFING.COM] The major averages sit near their session lows at midday.
Meanwhile, crude oil sits near its highs for the day, currently up $4.83 (+5.6%) to $91.69 per barrel. Crude has gained roughly 12% so far this week, which has pushed Treasury yields higher and increased the market's expectations of a rate hike from the Fed in the near term.
According to the CME FedWatch site, there is now a 37.9% probability that the Fed will hike rates at next week's FOMC meeting, up from 11.8% a week ago. For the September meeting, that probability has jumped up to 83.4%, up from 52.4% a week ago.
