Stock Market Today: Dow Drops As Oil, Yields Surge; Tech Titan Oracle's Earnings On Deck (Live Coverage)
The Dow, S&P 500, and Nasdaq fell for a fourth consecutive day as US oil prices surged to $100 a barrel and Treasury yields climbed. Market declines follow hotter-than-expected August producer price index data, which has fueled investor concerns regarding Federal Reserve rate hikes. Asian markets also faced downward pressure due to inflation fears. While futures were initially mixed, Wall Street opened lower as stocks trend toward weekly losses. Investors are now awaiting earnings reports from tech companies including Oracle and Adobe.
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- ✓ The Dow, S&P 500, and Nasdaq have fallen for four straight days.
- ✓ US oil prices surged to $100 a barrel.
- ✓ Treasury yields have increased.
- ✓ August producer inflation data was higher than expected.
What changed
US oil prices reached $100 a barrel following reports that the US destroyed Iranian oil tankers.
Live updates
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US Stocks Slide as Oil Hits $100 and Producer Inflation Rises
The Dow, S&P 500, and Nasdaq fell for a fourth consecutive day as US oil prices surged to $100 a barrel and Treasury yields climbed. Market declines follow hotter-than-expected August producer price index data, which has fueled investor concerns regarding Federal Reserve rate hikes. Asian markets also faced downward pressure due to inflation fears. While futures were initially mixed, Wall Street opened lower as stocks trend toward weekly losses. Investors are now awaiting earnings reports from tech companies including Oracle and Adobe.
Why it matters
Rising energy costs and producer inflation typically prompt the Federal Reserve to maintain higher interest rates to cool the economy. The current oil surge is linked to escalating fighting in the Middle East. These factors combined create a volatile environment for equities and bonds.
What is confirmed
- The Dow, S&P 500, and Nasdaq have fallen for four straight days.
- US oil prices surged to $100 a barrel.
- Treasury yields have increased.
- August producer inflation data was higher than expected.
- Brent crude oil is trading above $101.
Still unconfirmed
- The US destroyed Iranian oil tankers.
- Asian stocks are expected to fall due to oil-driven inflation fears.
- Nvidia chipmaker fell on sales.
What to watch next
- Earnings reports from Oracle and Adobe
- Further Federal Reserve commentary on rate hikes
- Developments in Middle East fighting affecting oil supply
confidence 90%Sources used for this update (11)
- CNBC — Oil extends gains, with Brent above $101 after U.S. destroys Iranian oil tankers
- Bloomberg.com — Asian Stocks to Fall as Oil Stokes Inflation Fears: Markets Wrap
- Investopedia — Stock Market Today: Futures Mixed, Little Changed Ahead of PPI Inflation Reading; Oil, Treasury Yields Continue to Climb
- Investor's Business Daily — Stock Market Today: Dow Barely Up Ahead Of Inflation Data; Nvidia Chipmaker Falls On Sales (Live Coverage)
- The New York Times — Oil Prices Surge as Fighting in Middle East Escalates
- Reuters — Wall St set for lower open after hotter-than-expected producer inflation data
- MarketWatch — Stock Market Today: Dow, S&P 500 and Nasdaq fall as U.S. oil prices surge to $100 a barrel and Treasury yields jump; stocks on track for weekly losses; Oracle earnings on tap
- Honolulu Star-Advertiser — Wall Street slides as August PPI data fuels Fed rate hike worries
- Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq fall for fourth straight day as bond yields jump, oil stays above $100
- Investing.com — Trump on Iran war; Oracle, Adobe to report - what’s moving markets
- finance.yahoo.com — Stock market today: Dow, S&P 500, Nasdaq fall for fourth straight day as bond yields jump, oil stays above $100
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