Oil Price Drop Eases Inflation Concerns on Wall Street
Oil prices have dropped on Monday, easing Wall Street's inflation concerns. This has led to a rise in U.S. stock indexes, with the S&P 500 increasing by 0.6%.
The decline in oil prices is attributed to President Donald Trump's decision to hold off on ordering new strikes against Iran at the urging of allies in the region.
As a result, Treasury yields have fallen in the bond market, with the yield on the 10-year Treasury decreasing to 4.68% from 4.75% late Friday.
The drop in oil prices has benefited airlines and other companies with high fuel costs, such as United Airlines and American Airlines, which rose by 5.6% and 5.7%, respectively.
However, chip stocks continue to decline due to concerns about the sustainability of their revenues from artificial-intelligence technology.