Global Stocks Slide Amid Oil Price Retreat, Fed Rate Hike Expectations
Global stock markets declined on Monday as oil prices retreated from earlier highs. The Nasdaq led Wall Street lower, despite Nvidia's shares rising 1.7% after it boosted its share buyback authorization by a record $150 billion.
The chipmaker's move eclipsed Apple's $110 billion plan announced in 2024. Oil prices had surged earlier due to renewed hopes for Middle East negotiations, but gave back some gains as Qatari mediators prepared to hold talks with the US and Iran.
US crude rose 19 cents to settle at $92.60 a barrel, while Brent gained 96 cents to settle at $105.28. Markets now imply a roughly 70% chance the Fed will hike for a second straight meeting in October, according to CME FedWatch.
The Federal Reserve raised rates earlier this month for the first time since 2023 to combat higher inflation. Yields on 30-year Treasury bonds hit their highest levels since mid-May 2004, while 10-year Treasury yields touched their highest since mid-June 2007 before paring gains.