Stock market today: S&P 500, Nasdaq, Dow futures pause after stocks close out April at record highs

Bloomberg reports:

Oil held its second weekly gain as US President Donald Trump said he was sticking with a naval blockade of Iranian ports, elevating concerns the vital Strait of Hormuz would not reopen anytime soon.

Brent (BZ=F) for July rose above $111 a barrel, while West Texas Intermediate (CL=F) was near $105 — up 12% this week. In a written statement, Iran’s supreme leader Mojtaba Khamenei cast doubt on the likelihood of a deal with the US, vowing not to give up the Islamic Republic’s nuclear or missile technologies, and signaling Tehran would keep control of the strait.

Oil has soared more than a quarter over the past two weeks as the deadlock in negotiations extends the near-total closure of the crucial waterway, which before the war carried about a fifth of the world’s crude. The uncertainty over future supply has seen sharp price swings and a flattening of the futures curve.

“Selloffs are approached cautiously, but the bandwagon fills up on moves higher,” said Carl Larry, an oil and gas analyst at Enverus. “Every day continues to be an adventure, but also a chance to make money…quickly.”

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Bloomberg reports:

The yen surged 3%, its biggest gain in almost two years, after Japan reportedly intervened in the foreign-exchange market hours after officials delivered a “final” warning to investors against selling the currency.

The Finance Ministry in Tokyo didn’t immediately respond to requests for comment. However, Japan’s Nikkei newspaper cited a government official saying that the government bought yen and sold dollars. Several traders and strategists also said the abruptness of the move indicated action.

Economic officials in the US were notified ahead of Japan’s intervention, according to someone familiar with the matter. The effort is in line with a Group-of-Seven agreement to alert counterparts, and to only act when there’s risk of excess volatility.

The yen reached 155.57 per dollar, the strongest since late February, before paring gains to trade around 157.10 in early Asia trading on Friday.

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