SPX7,580.06+0.22%DJIA51,032+0.72%COMP26,973+0.20%RUT2,919.34-0.59%CL$87.76-1.28%GC$4,569.90+1.57%DX98.94-0.08%VIX15.32-2.67%Fed Funds4.50%HOLD10Y4.287%-0.031CPI Y/Y2.8%-0.1%Core PCE2.7%-0.1%Unemp4.2%0.0NFP+150kMayGDP Q/Q+2.6%Q1Retail+0.4%M/MSPX7,580.06+0.22%DJIA51,032+0.72%COMP26,973+0.20%RUT2,919.34-0.59%CL$87.76-1.28%GC$4,569.90+1.57%DX98.94-0.08%VIX15.32-2.67%Fed Funds4.50%HOLD10Y4.287%-0.031CPI Y/Y2.8%-0.1%Core PCE2.7%-0.1%Unemp4.2%0.0NFP+150kMayGDP Q/Q+2.6%Q1Retail+0.4%M/M

Energy Reality Check: Markets Play Defense as Oil Retreats from Triple Digits

ByON1010 Research Posted onMay 5, 2026 at 5:59 AM EDT Reading Time: 3 minutes

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The Opening Bell

The oil shock narrative just got complicated. After WTI crude knocked on $104’s door yesterday morning, it’s pulled back to $104.04 this morning — still painfully elevated, but down 2.2% and giving markets their first real breather since the Strait of Hormuz closure began reshaping the global economy. The question traders are asking: is this a dead cat bounce in risk assets, or genuine relief that energy inflation might have peaked?

Market Snapshot

Fed Funds Target Range: 3.5%-3.75%

10-Year Treasury: 4.39%

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