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US stocks fall as oil tops $100
U.S. stocks declined sharply after oil prices surged above $102 a barrel, as the war between the United States and Iran entered its seventh month amid increasing concerns over rising inflation and its impact on the economy. The Dow Jones Industrial Average fell by 316 points (0.6%), the S&P 500 decreased by 0.6%, and the Nasdaq dropped by 0.7%. Oil prices experienced a sharp increase, with West Texas Intermediate reaching $102.48 per barrel, up 6.7%, and Brent futures rising to $107.63, the highest closing level since May 19, representing a 78.5% increase since the start of the year. The rise in oil contributed to pushing the yield on the 10-year U.S. Treasury bonds above 4.945%, the highest level since October 2023, heightening investor fears of economic slowdown. Technology stocks sensitive to market movements, such as Intel and Micron Technology, also declined by about 5% amid concerns that rising interest rates and oil prices could hamper economic growth. Meanwhile, the Producer Price Index (PPI) increased by 0.4% month-over-month and 5.4% year-over-year, well above the Federal Reserve’s target of 2%. Markets are preparing for the upcoming release of the Consumer Price Index (CPI), one of the key inflation indicators that will influence potential interest rate hikes at the Federal Reserve’s meeting next week.
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