US Equity Market Declines for Fourth Day Amid High Crude Oil Prices

The US equity market continued its three-day decline, with the S&P 500 falling by 0.6%, the Nasdaq-100 by 1.3%, and the Russell 2000 by 0.8% as of 9:15 am ET.

Crude oil prices remain high, with Brent oil above $102 a barrel, contributing to higher global bond yields. The US Treasury yield for 2-year, 10-year, and 30-year durations reached levels not seen since July 2024, November 2023, and 2007 respectively.

The producer price index (PPI) report came in mostly as expected, but traders were hoping for a cooler print. The PPI ex-food and energy rose by 0.2% month-over-month and 4.6% year-over-year.