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US stocks drop as oil rises and rate hike bets grow
The U.S. stock markets declined today due to rising oil prices and increased expectations of interest rate hikes, despite the S&P 500 dropping 0.59% to 7,591 points and the Nasdaq decreasing by a similar margin to 26,098 points. This follows August's rise in producer prices and a recovery in energy costs, heightening fears of potential inflation. Additionally, the increase in yields on 10- and 30-year U.S. Treasury bonds added pressure to the stock market, with the probability of a rate hike next week exceeding 70%. Despite the setbacks, the index is still up 11% since the beginning of the year.
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