Equity markets slide as oil prices surge and yields rise

U.S. equity futures fell as the Russell led the decline, dropping 1.6%. Silver was the only metal to rise, while copper saw a 6% decrease. Economic data showed jobless claims at 213,000, while housing starts and building permits also rose. Treasury yields increased for the eighth session out of the last nine, with the 10-year yield reaching 4.23%. Crude futures rose significantly due to rising tensions in the Strait of Hormuz, where three commercial vessels were struck. Tomorrow, the market awaits January PCE data, with expectations for modest inflation progress. Looking ahead, a $25 billion 30-year bond auction is scheduled, and 14 major companies, including Adobe and Ulta Beauty, will report earnings after today's close.