01:29 PM EDT, 07/22/2026 (MT Newswires) -- (Updates with index/price moves and company/geopolitical news from the first paragraph.)

US equity indexes traded mixed as government bond yields followed crude oil prices higher amid worsening Iran geopolitics and a disruption of maritime traffic in the Red Sea chokepoint.

The Nasdaq Composite slipped less than 0.1% to 25,826.1 after midday Wednesday. The S&P 500 rose 0.1% to 7,519.5, and the Dow Jones Industrial Average climbed 0.3% to 52,369.4.

In geopolitical news, the US will destroy an Iranian bridge or power plant, including those in and around Tehran, every time it attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post on Wednesday.

Iran's Islamic Revolutionary Guard Corps said it hit Jordan's King Faisal and Prince Hassan bases with missiles and drones, claiming to target US military equipment in response to recent American strikes, CNN reported. The US Central Command said Tuesday it struck Iran for the 11th consecutive evening.

Seven tankers have changed course in the Red Sea to avoid the Bab el-Mandeb Strait since the Houthis' threat on Tuesday to block Saudi oil exports, Reuters reported. The Iran-aligned Houthis have reportedly completed preparations to target vessels near the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden and Arabian Sea. The Bab el-Mandeb Strait is an alternative route to the Strait of Hormuz, which remains effectively closed due to tensions between the US and Iran.

The front-month US West Texas Intermediate climbed 2.4% to $86.40 a barrel, and global benchmark North Sea Brent jumped 2.8% to $93.52 a barrel.

US Treasury yields rose, extending gains from Tuesday. The 10-year marched 1.8 basis points higher to 4.65%, its strongest level in a month. The two-year jumped 3.7 basis points to 4.3% after yields hit the highest in 52 weeks.

Markets are pricing in a more hawkish path for central banks, with yields moving higher around the world as a result, Jim Reid, global head of macro and thematic research at Deutsche Bank, said in a note Wednesday, referring to the recent moves in real yields. The US 30-year real yield at over 1.0 basis point reached a post-2008 high on Tuesday, he added.

Next week, the probability of the Federal Reserve leaving its policy unchanged for July slumped to 66% from 89% a week ago, the CME FedWatch tool showed Wednesday. The likelihood of a pause continuing across September, October, and December also declined. The possibility of a Fed rate increase had surged earlier this month following soft consumer and producer price inflation data.

Alphabet (GOOG, GOOGL) and Tesla (TSLA) will report quarterly earnings after the bell on Wednesday.

Shares of Super Micro Computer ( SMCI ) soared 24% after the company said it expects fiscal Q4 GAAP and non-GAAP gross margins in the range of 15% to 17%, significantly above its 8.2% to 8.4% forecast due to a favorable customer and product mix. The stock was the top gainer on the S&P 500.

In precious metal markets, gold futures jumped 2% to $4,159.3, and silver futures advanced 2.6% to $60.64.