Intel shares are soaring by 10% in trading today.Several explosions heard on Kharg Island - reportOil gives back gains as the breakout fails to sustainU.S. Treasury sells $58 billion of 3 or notes at a high yield of 4.474%Flights reportedly suspended at Jeddah airport in Saudi ArabiaNY Fed survey: Expectations for rising unemployment rise to highest since April 2020The S&P and Nasdaq Technicals: What are the charts telling traders in the broader US stock indices NOW?US Conference Board August employment trends 108.53 vs 107.71 priorBitcoin technicals: The price of bitcoin is lower on the day and the technical tilt is modestly lowerBank of England comments highlight worries about energy inflationCanadian dollar shrugs off the trade escalationMorning Kickstart Video North American traders return as oil surges on Middle East tensionsinvestingLive European news wrap: Oil prices rise as Houthis escalate attacks on Saudi targetsThe U.S. dollar is ending the North American session mixed and little changed against most of the major currencies. The greenback is near unchanged against the EUR, GBP, AUD and CHF. It is lower against the JPY and CAD, while gaining against the NZD.The relatively subdued currency-market action comes as traders prepare for the next round of U.S. inflation data. The Producer Price Index will be released Thursday at 8:30 AM ET, followed by the Consumer Price Index on Friday.Those reports will help shape expectations for the Federal Reserve. Until then, traders appear reluctant to establish larger positions.Treasury yields move higherU.S. Treasury yields moved higher across the curve:2-year yield: 4.3957%, up 1.7 basis points5-year yield: 4.5662%, up 1.6 basis points10-year yield: 4.7922%, up 0.8 basis points30-year yield: 5.2475%, up 0.2 basis pointsThe larger increases at the shorter end of the curve reflect some caution ahead of the inflation reports. Higher-than-expected PPI or CPI readings would make it more difficult for the Fed to ease policy, while softer data would give policymakers more flexibility.U.S. stocks close lower as Amgen weighs on the DowThe major U.S. stock indices closed lower, with the Dow industrial average leading the declines:Dow industrial average fell 628.04 points, or 1.18%, to 52,791.29S&P 500 fell 45.08 points, or 0.58%, to 7,673.53Nasdaq Composite fell 85.58 points, or 0.32%, to 26,421.41Russell 2000 fell 15.44 points, or 0.52%, to 2,960.20The Dow’s decline was broad-based, with 24 of its 30 components finishing lower. Amgen was the biggest drag, falling $44.06, or 10.08%, to $393.17.The sharp decline followed disappointing results for Novartis’ experimental cardiovascular drug pelacarsen. The drug failed to reduce cardiovascular events in a phase-three study, raising questions about the broader strategy of lowering lipoprotein(a), or Lp(a), to reduce heart-disease risk. Amgen is developing a similar treatment, olpasiran, making the Novartis setback a potential warning signal for Amgen’s program. BMO Capital also downgraded Amgen to Market Perform from Outperform, adding to the pressure. ReutersOther notable Dow decliners included:Salesforce: -3.86%Home Depot: -2.30%Sherwin-Williams: -2.25%Johnson & Johnson: -2.20%Nvidia: -2.01%On the positive side, Caterpillar rose 1.05%, UnitedHealth gained 0.94% and Chevron advanced 0.67% (helped by higher oil).Crude oil rebounds after testing its 100-hour moving averageCrude oil experienced another volatile session. The price initially climbed to $94.72 before tumbling to a low of $91.82. That low came just above the rising 100-hour moving average.Holding the moving average gave buyers the technical go-ahead to reenter. The price subsequently rebounded and is trading near $94.03 late in the session.The lesson for traders is that a moving average does not have to be touched to the exact penny. Buyers leaned against the technical support area, defined and limited their risk, and were rewarded as the price moved back toward the session high.Fundamentally, Middle East tensions continue to add a substantial geopolitical premium. Flights were reportedly suspended at Jeddah’s airport amid a wider escalation in Saudi Arabia. Iran-backed Houthi forces launched coordinated missile and drone attacks against several southern Saudi cities and energy facilities, injuring 73 people and causing fires and operational disruptions. Saudi Arabia described the attacks as a dangerous escalation and pledged a response. InvestingLive reportSeparately, several explosions were reported around Iran’s Kharg Island, a strategically important oil-export hub. The cause of the explosions was not immediately confirmed. Because Kharg Island handles a significant portion of Iran’s oil exports, any threat to operations there naturally raises concerns about global supply. InvestingLive reportThe combination of attacks on Saudi energy facilities and uncertainty surrounding Kharg Island helps explain why buyers remain willing to step in on sharp oil-price declines.Gold falls back below its 100-day moving averageSpot gold fell $68, or 1.55%, to $4,359.89. That is more bearish.The decline has taken the price back below its 100-day moving average at $4,364.86. That level now becomes a short-term technical barometer.Staying below the 100-day moving average would keep sellers more in control and increase the potential for additional downside probing. Conversely, a move back above the moving average would disappoint the sellers and give buyers some renewed confidence.Apart from the middle east news, it was more of a sleeper type of day as traders await the key PPI and CPI data at the end ot the week. This article was written by Greg Michalowski at investinglive.com.