European equity markets ended the session mostly in positive territory, shrugging off another move higher in sovereign bond yields. Italy and Spain once again led the advance, while the UK's FTSE 100 was the lone major index to close lower. As London and European traders head for the exits, U.S. stocks are under pressure, Treasury yields have moved sharply higher following stronger-than-expected labor market data, and crude oil prices moving higher. Iran is considering a strategic plan that would significantly tighten control over transit through the Strait of Hormuz. The proposal would prohibit passage for vessels associated with the United States, Israel, and other countries deemed hostile, while also imposing restrictions on ships carrying cargo linked to actions against Iran or its allies. It further outlines potential financial penalties and cargo seizures for violators, with Iranian authorities and the military taking a larger role in managing navigation and security. Importantly, the plan remains under expert review and has not yet been formally approved or implemented, meaning its final scope and timing remain uncertain.Looking at the major European stock markets, most close higher with the exception being the UK FTSE 100. German DAX: +0.06%France CAC 40: +0.35%UK FTSE 100: -0.19%Spain IBEX 35: +0.62%Italy FTSE MIB: +0.44%European 10-year benchmark yields climbed across Europe, reflecting the global move higher in rates.Germany: 3.148%, +4.3 bpsFrance: 3.942%, +4.6 bpsUnited Kingdom: 4.953%, +5.8 bpsSpain: 3.593%, +4.2 bpsItaly: 3.956%, +7.7 bpsU.S. stocks are trading lower, with the Dow leading the declines as investors digest stronger labor market data, higher oil prices on increased tension in the Middle east, and a sharp rise in Treasury yields.Dow Jones Industrial Average:-377 points (-0.69%)S&P 500:-20 points (-0.26%)Nasdaq Composite:-53.5 points (-0.20%)Russell 2000:-0.28%Nasdaq 100:-127.8 points (-0.43%)Treasury yields are higher across the curve, with short- and intermediate-term maturities posting the largest gains after today's economic data reinforced expectations that the labor market remains resilient.2-year: 4.243%, +6.4 bps3-year: 4.304%, +7.0 bps5-year: 4.391%, +6.7 bps7-year: 4.528%, +6.5 bps10-year: 4.674%, +5.7 bps20-year: 5.222%, +4.8 bps30-year: 5.211%, +3.8 bpsCrude oil is extending its rally, while precious metals are under pressure as higher yields weigh on non-interest-bearing assets.WTI crude oil:$77.97, +3.86%Gold:-0.55%Silver:-1.80%Bitcoin:-0.06%Today on the economic front, initial jobless claims rose just 1,000 to 199,000 in the latest week, keeping claims below the key 200,000 threshold and reinforcing the view that layoffs remain limited. Continuing claims increased to 1.801 million, but overall the labor market continues to show resilience despite signs of slower hiring elsewhere.Second-quarter nonfarm productivity increased 1.4% annualized, supported by stronger output and modest growth in hours worked. At the same time, unit labor costs rose just 1.3%, suggesting wage pressures remain relatively contained. The combination of improving productivity and moderate labor-cost growth is a constructive development for the inflation outlook.Finally, June wholesale inventories rose 0.2%, indicating businesses continued to rebuild stockpiles. However, wholesale sales fell 3.0% during the month, pushing the inventory-to-sales ratio up to 1.19. The combination of rising inventories and weaker sales points to softer demand and could weigh modestly on future production if the trend persists. This article was written by Greg Michalowski at investinglive.com.