President Trump rejected an Iranian proposal to reopen the Strait of Hormuz, sending oil prices higher and Treasury yields to multiyear highs. The 10-year yield hit 5.218%. Stock futures fell, with Nasdaq futures down 0.6%. Nvidia rose 1.6% premarket after adding $150 billion to its buyback program, but chip makers Intel and Micron declined. Gold fell 3% to $4,190. Focus this week is on PCE inflation and the jobs report.
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