Nasdaq Leads Stocks Lower as Oil Prices Reverse Earlier Gains
Stock markets experienced a decline on Monday as oil prices gave back some earlier gains. The Nasdaq led the way, falling by 0.9%, with Nvidia being an exception after it announced a record $150 billion share buyback authorization.
The US crude price rose 19 cents to settle at $92.60 a barrel, while Brent gained 96 cents to settle at $105.28. This followed earlier gains of over $4 a barrel when US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz.
Markets now imply a roughly 70% chance that the Federal Reserve will hike interest rates for a second straight meeting in October, according to CME FedWatch. 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.