Finance

Global crude prices surged amid growing investor frustration that negotiations to reopen the crucial Strait of Hormuz have not yet produced a final agreement. Brent crude futures jumped nearly 4%, elevating concerns that persistent energy costs could keep inflation high and prompt the Federal Reserve to keep interest rates steady or raise them later this year.

Treasury yields moved higher as market participants adjusted their portfolios prior to the release of the government's July nonfarm payrolls report. The yield on the 10-year Treasury note climbed to 4.67% and the 30-year bond rose to 5.21%, reflecting broader market anxiety over upcoming macroeconomic metrics and potential changes to central bank policy guidance.

Shares of the rocket manufacturer rose 6.1%, successfully countering predictions that the conclusion of an insider lockup period would cause heavy selling pressure. Market data indicated that sophisticated investors engaged in bullish options trading, interpreting the stock's stability around the $110 level as a potential market bottom despite it trading below its initial $135 offering price.