Commodities
US Stocks Fall Amid Escalating Mideast Tensions and Treasury Sell-Off
The US Treasury's latest rescue efforts triggered a sell-off in the market, causing the Dow Jones Industrial Average to fall by 0.77%, the S&P 500 to decline by 0.48%, and the Nasdaq Composite to drop by 0.64%.
The price of Brent crude oil broke through $100 per barrel, while the US 10-year yield reached its highest level since November 2023, at 4.85%. This surge in oil prices is largely attributed to the escalating US-Iran conflict and the resulting maritime tensions in the Middle East.
Meanwhile, Trump attempted to spin the energy shock into an election narrative, stating that a Republican victory would lead to lower gasoline prices immediately after the November midterm elections.