Stocks Fall, Oil Rises as Iran Refuses to Soften Demands; US, China to Cut Tariffs

• US-Iran tensions escalate as Iran refuses to soften demands on reopening the Strait of Hormuz, causing Brent crude to rise above $108/barrel.
• US and China unveil a plan to cut tariffs on $30 billion of imports from each country, focusing on consumer goods, but soybeans remain tariffed.
• Tech stocks, especially chipmakers like SK Hynix and Nvidia, are experiencing a global sell-off, with Chinese stocks hitting a one-year low.
• Bond yields are climbing across the board, with US 2-year, 10-year, and 30-year yields showing significant increases, reflecting persistent inflation worries.

US equity futures and Treasuries are falling amidst rising geopolitical tensions between the US and Iran, pushing oil prices higher and fueling inflation concerns. A global tech stock sell-off is also contributing to market weakness, despite a detailed plan from the US and China to cut tariffs on $30 billion worth of goods. Bond yields are rising across developed markets, reflecting expectations of continued monetary tightening.