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Stocks hit as oil rallies on escalating geopolitics – Newsquawk US Market Wrap

News Snapshot:

SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down.REAR VIEW: Iran hits UAE's Fujairah energy facility; Fed's Williams says eventual rate cuts will happen; Trump said the US will guide neutral ships safely out of the Strait of Hormuz; Conflicting reports re. US patrol boat being struck; South Korea cargo ship hit; UAE air defense systems activated; Finance Minister Katayama said they would take firmer steps against speculative FX activity.COMING UP: Holiday: Japan's Children's Day; Chinese Labour Day Data: Swiss Inflation (Apr), US Building Permits Final (Mar), Canadian Balance of Trade (Mar), Canadian PMI (Apr), US PMI Final (Apr), US…

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