Inventories are up. Oil is skyrocketing. Here's what's happening in the markets now

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the Dow (UNDUE) was up about 75 points, or 0.3%, around noon. the S & P 500 (SPX) and the Nasdaq Composite (COMP) are up 0.4% and 0.6%, respectively.

Shares closed in the red on Tuesday and Wednesday, ending a weeklong rally while the fundamentals had not really changed. Investors hope that President Donald Trump and Chinese Premier Xi Jinping will meet at the G-20 summit in Japan later this month to advance the resolution of the China-US conflict. If Xi does not attend the meeting, Trump said that there would be immediately other customs duties on Chinese imports.

Investors hope the Fed will boost the stock market. Expectations of a reduction in the Federal Reserve's interest rate in July are now at 86%. The central bank is meeting next week, although it should not cut rates at its meeting. President Jerome Powell will likely give some indication of an impending reduction. If Powell disappoints, the markets could become volatile.

Meanwhile, the IPO bonanza continues. Fiverr, an online marketplace for freelancers, debuted on the New York Stock Exchange under the title "FVRR" after setting its IPO at $ 21 a share. The company has raised more than $ 110 million.

The stock is up more than 58%, to more than $ 33 per share.

Oil rises fast

Oil prices leave investors with whiplash.

Two tankers were attacked in the Gulf of Oman. This led the oil to skyrocket, reducing Wednesday's losses. Prices have since descended from their peaks. US futures for July were up 1.9% to $ 52.11 a barrel. On Wednesday, US prices fell 4% and stabilized at their lowest level since mid-January, due to concerns over oversupply.

"The instinctive response is more of a response to the risks of increased tensions in the region and the prospect of more attacks than an immediate impact on oil supplies," wrote analyst Craig Erlam. market leader at Oanda.

The tensions are indeed higher. In May, four vessels were targeted in this region.
Oil stocks as Chevron (CLC) and Exxon Mobil (XOM) bounced higher. Currencies of oil-exporting countries, such as the Canadian dollar and the Russian ruble, were also stronger.

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