Finance

Crude oil prices advanced after Iranian officials announced that the critical Strait of Hormuz shipping corridor would remain closed until specific conditions are satisfied. Brent crude futures rose 1.4% to settle at $88.91 a barrel, paring some earlier gains after fluctuating between $87 and $90. The renewed energy tightening has bolstered the S&P 500 energy sector, which added 4.6% during the session.

Trading across Wall Street remained relatively subdued as investors braced for the release of July consumer and producer price index reports. The macroeconomic data is heavily anticipated as a metric to determine whether the Federal Reserve will raise interest rates at its September meeting. Fears of persistent inflation driven by elevated energy markets kept government bond yields trading near their 2026 highs before easing slightly.

Shares of athletic footwear brand On Holding plummeted 20.3% following a second-quarter revenue miss and a downward adjustment to its full-year sales guidance. Despite this high-profile decline, overall corporate profits for S&P 500 firms continue to significantly outperform benchmarks, tracking a massive 50% year-over-year expansion. Strong corporate balance sheets are cited as the primary catalyst for pushing broader equity indexes near record highs earlier in the month.