Commodities
Rising Oil Prices Weigh on US Stocks Amid Inflation Fears
US stocks weakened on their return to trading after a three-day weekend as oil prices continued to rise due to increased fighting in the Middle East.
The S&P 500 fell 0.4%, while the Dow Jones Industrial Average dropped 520 points, or 1%, and the Nasdaq composite was 0.3% lower by 10 am Eastern time.
Oil prices have surged from around $72 over the last two months to nearly $98 per barrel of Brent crude after briefly hitting a high of $99.46.
The increase in oil prices has exacerbated concerns about inflation, with economists expecting the wholesale inflation rate to jump to 5.4% in August from 4.7% in July and consumer inflation to ease slightly to 3.3% on Friday.