Oil Rally Sends Stocks Lower Amid Inflation Fears and Middle East Tensions

The stock market took a hit due to rising oil prices and escalating tensions in the Middle East. Brent crude surged above $82, driving up energy costs and fueling concerns about inflation ahead of Friday's jobs report.

The S&P 500 fell for a second straight day as memory companies Sandisk Corp. and Western Digital Corp. underwhelmed investors with their forecasts.

Fed officials are pushing to boost interest rates to combat price pressures, while some economists believe the September central bank decision will be driven by inflation data.