US Stocks Retreat from Records as Oil Prices Surge
US stocks edged further away from their record highs on Monday following a rise in oil prices, which put additional pressure on inflation and financial markets.
The S&P 500 fell 0.5% but remained close to its all-time high set just Thursday. The Dow Jones Industrial Average dropped 272 points, or 0.5%, while the Nasdaq composite slipped 0.3%.
The upward movement in oil prices accelerated in the afternoon, with Brent crude rising 2.7% to $90.87 per barrel. This increase was largely due to uncertainty surrounding the impact of the war with Iran on global oil supplies.
The jump in oil prices sent Treasury yields higher, which raised concerns about inflation and interest rates. The yield on the 10-year Treasury climbed to 4.72% from 4.68% late Friday, its highest level since before the conflict with Iran began.