As US-Iranian risks whipsaw oil, stocks and bonds decline – US Market Wrap

A renewed round of oil volatility brought equities lower, with fears of an increase in Middle Eastern hostilities outweighing efforts to bring the war to a halt.

The majority of S&P 500 stocks fell, but a chipmaker index rebounded after entering a bear market. In a turbulent session, US crude settled at $83. Bond losses were fueled by concerns that rising energy costs would lead to greater inflation.

Gilts sank after new UK Prime Minister Burnham unnerved investors over his approach to the country’s finances.

Alphabet’s Google is creating a server chip to optimize its Gemini artificial-intelligence model, according to individuals familiar with the matter.

Trump pledged that Iran would pay for the recent killing of three US soldiers, even as mediators proposed a new truce. Tensions remained high, and the confrontation appeared to escalate after Tehran-backed Houthi insurgents in Yemen vowed to blockade Saudi Arabia in the Red Sea.