Oil prices jumped after negotiations over the Strait of Hormuz broke down. A top Iranian official issued tough demands, and the UAE reported a missile attack. Front-month Brent crude gained $4.17 per barrel, or 4.99%, to $87.72.\n\nStocks were mostly lower as rates kept creeping higher.

The S&P 500 fell 0.1% and the Nasdaq declined 0.3%. The 10-year Treasury yield rose 0.04 percentage point to 4.697%.\n\nNvidia reached a mammoth financing deal with leading Wall Street firms, including Apollo Global Management, Blackstone, and Goldman Sachs, to raise $500 billion for AI infrastructure. Nvidia fell 2.9% while Apollo and Blackstone rose. Intel said it would sell $15 billion of new shares, citing strong customer demand driven by AI compute investment.

Its shares fell 4.1%.\n\nPrivate credit is showing increasing signs of stress, despite comments to the contrary from some large fund managers. Recent quarterly reports showed worsening loan health and investor returns.