As of 11:43 AM ET, the S&P 500 is down 0.48% to 7,636.59, the Nasdaq Composite has fallen 0.68% to 7,636.59, and the Dow Jones Industrial Average is trading 0.73% lower at 52,399.06, driven by rising oil prices that are intensifying inflation concerns. The 10-Year Treasury yield has increased by 4 basis points to 4.84%, while energy and utility sectors are the only gainers among the major stock sectors.
Brent crude oil prices surged above $100 per barrel amid escalating tensions in the Middle East, with Goldman Sachs warning they could reach $120 if conflict intensifies. This development has pressured industrial stocks that rely on oil, heightening fears of an economic downturn as traders anticipate a greater than 60% chance of a Federal Reserve rate increase next week.
In company news, Meta Platforms saw its shares rise following the introduction of its new AI agent, Muse, while Apple shares slightly dipped ahead of its annual event led by new CEO John Ternus. Casey’s General Stores experienced a significant drop of nearly 15% despite reporting better-than-expected earnings.
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