Oil Price Surge Triggers Bond Sell-Off and Stocks Slide

Rising oil prices have sparked inflation fears and caused bond yields to increase on Wall Street. This has weighed down stocks, leading to a weak start for September after a mostly positive month in August.

The S&P 500 fell by 0.7%, while the Dow Jones Industrial Average dropped 302 points or 0.6% as of 9:54 a.m. Eastern time. The Nasdaq composite also declined by 1.1%.

Technology stocks were among those affected, with investors continuing to worry about stubborn inflation, rising government debt, and the global economic impact from ongoing conflicts.