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Dow Jones falls 500 points with oil and yields rising
U.S. stock futures declined significantly on Thursday, with the Dow Jones dropping around 510 points (1%), the S&P 500 decreasing by 0.6%, and the Nasdaq 100 down by 0.8%. This came amidst a sharp rise in 10-year U.S. Treasury yields, approaching 5.354%, the highest level since 2002, while the 30-year bond yield neared its 24-year high at 5.726%. Statements from the Federal Reserve Chair suggesting that interest rate hikes may be necessary to curb inflation, along with Trump's comments regarding a potential war with Iran, led to a substantial increase in oil prices—the Brent crude rose to $105.33, and West Texas Intermediate crude reached $92.71 per barrel. The rise in bond yields and global oil prices triggered increased market volatility, though investors expect corporate earnings results and economic indicators to provide supporting momentum for the market despite current pressures.
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