U.S. stocks fall as oil exceeds 100
US stocks dropped significantly after American oil prices rose above $100 a barrel, with West Texas Intermediate crude reaching $102.48, the highest level since May. The ongoing Middle East war, now in its seventh month, has contributed to increased inflation and negative impacts on the markets. Additionally, U.S. Treasury bond yields hit a new record high, while shares of highly sensitive technology companies declined amid expectations of future interest rate hikes due to inflation, which has reached 5.4% year-over-year.
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