S&P 500 eyes 7427.83 amid oil price drop and rising Treasury yields causing market swings

The S&P 500 remains near unchanged as oil prices fell on reports of a possible US sanctions waiver for Iran, easing inflation concerns. However, rising 10-year Treasury yields near 4.59% continue to pressure tech stocks, keeping the Nasdaq flat while the Dow gains modestly. Market volatility is driven by conflicting news on oil supply and geopolitical tensions around the Strait of Hormuz. Traders are watching the S&P 500 level of 7427.83 closely, as a move below could signal increased selling pressure and a shift in market sentiment.