7:00 AM Flash: Oil Slides as US-Iran Tensions Spike Inflation Fears
7:00 AM Flash: Good morning everyone. At seven o'clock this morning, here's your market snapshot. The VIX is sitting at seventeen point sixteen. Gold is trading at four thousand five hundred forty seven dollars. Oil is at ninety eight dollars a barrel. And Bitcoin is currently at seventy four thousand six hundred eighty three dollars.
We lead this morning with a Breaking Alert: Oil is sliding as multiple tankers are now moving toward the Strait of Hormuz amid escalating US-Iran tensions. The market is bracing for a major inflationary shock. Analysts say a deal looks unlikely in the near term, which is putting fresh pressure on equities and lifting safe-haven flows into gold.
In stock-specific news, Ford is being highlighted as a buy thanks to the continued resilience of its Ford Pro division. Immunovant has been upgraded to buy, with analysts citing the broad potential of its IMVT-1402 drug candidate. And on the mining side, there's a strong bull case forming for gold miners according to the latest read on GDX.
In other news, electric vehicle maker NIO is drawing attention this morning after posting margin growth, turning profitable, and still trading at what many consider cheap valuations.
This is Miss Vicky from the Options Desk at VixShield, where it's not news till we talk about it. Stay with us as Russell Clark joins with more analysis.