Stocks Drop, Bond Yields Climb on Inflation Woes: Markets Wrap

Stocks fell with bonds after President Donald Trump said the US doesn’t need to reopen the Strait of Hormuz, deepening concerns in markets about quickening inflation and fading momentum in the artificial intelligence trade. Crude oil climbed.

MSCI’s Asian share index dropped 1.1%, while US equity-index futures slipped 0.2% as Trump’s comment added to speculation that oil prices will stay elevated for longer. Bloomberg’s gauge of the dollar rose for a fifth day.