US Stocks Slide for Fourth Straight Day Amid Oil Price Surge
US stocks declined for a fourth consecutive day on Thursday, weighed down by rising oil prices and inflation concerns. The S&P 500 Index dropped 0.5% as of 9:43 a.m. in New York, while the Nasdaq 100 Index plummeted 0.97%. The decline in US stocks was driven by fears that interest rates may rise further, given the increasing Treasury yields across maturities. With tensions in the Middle East escalating, West Texas Intermediate crude oil surged around 4%, briefly topping $100.
The surge in oil prices pushed up Treasury yields, with 10-year rates climbing above 4.9% - a multiyear high. This move suggests that investors are pricing in the potential for higher interest rates, which could have a negative impact on stock markets. The Fed's actions and inflation expectations will be closely watched by market participants.
The S&P 500 Index is at risk of closing its longest slump since June if it ends the day in the red. Oil prices and Treasury yields are key indicators that will continue to influence US stocks in the coming days.