Commodities
Oil Price Surge Weighs Heavily on US Stocks Amid Iran Conflict
US stocks fell in their return to trading after the latest fighting in the war with Iran pushed oil prices higher.
The S&P 500 sank 0.6% and the Dow Jones Industrial Average dropped 628 points, or 1.2%, while the Nasdaq composite dipped 0.3%. The increase in oil prices has worsened worries about high inflation, which economists expect to reach 5.4% at the wholesale level by Thursday's report.
The more closely watched consumer price index will be released on Friday, showing how much people are paying for groceries and other costs of living than a year earlier.