Commodities
US Stocks Retreat from Records Amid Oil Price Spike
US stocks retreated from record highs on Monday as rising oil prices fueled concerns about stagflation. The S&P 500 fell 0.5%, while the Dow Jones Industrial Average dropped 272 points, or 0.5%. Meanwhile, Brent crude rose 2.7% to $90.87.
The price spike was due in part to uncertainty over the impact of the US-Iran war on global oil supplies. The 10-year Treasury yield climbed to 4.72% from 4.68%, raising pressure on the economy and investment prices.
Despite this, companies in the S&P 500 are expected to deliver earnings growth of around 50% for the spring quarter, according to FactSet.