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US stocks fall amid rising oil and earnings focus
U.S. stocks declined amid rising oil prices and anticipation of corporate earnings reports, with the S&P 500 decreasing by 0.3%, the Nasdaq dropping by 0.6%, and the Dow Jones falling 73 points. Oil futures saw a significant increase, with Brent crude surpassing $94 per barrel, reaching its highest level in over a month, following the eleventh round of U.S. strikes on Iran and statements from Foreign Minister Marco Rubio about Iran's seriousness in negotiations and the ongoing defense of navigation in the Strait of Hormuz. Investors are monitoring oil prices fearfully, worried that rising commodity costs could lead the Federal Reserve to hike interest rates. Market participants now see a 27% chance of a rate hike this month and a 70% probability of an increase in September. The focus remains on corporate earnings results and expectations for demand in artificial intelligence, cloud computing, infrastructure, and technology sectors, as the earnings season continues.
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