US Stocks Tumble Amid Oil Price Surge and Geopolitical Tensions
The US stock market declined on Monday amid rising oil prices and escalating geopolitical tensions in the Middle East. The S&P 500 fell 0.5%, while the Nasdaq 100 dropped 0.2% and the Dow Jones Industrial Average marginally eased 0.5%. Treasury 30-year yields hit their highest level since June 2007.
Rising oil prices, driven by a spike in crude futures to $90.87 per barrel for Brent and $84.50 per barrel for West Texas Intermediate, fueled inflation concerns and contributed to the market's decline. The yield on the 30-year Treasury surged to levels not seen since June 2007, with Anthony Saglimbene at Ameriprise stating that investors are increasingly focused and concerned about America's growing debt and lack of fiscal discipline.
Among major stocks, Tesla (TSLA) gained attention for its plans to launch a public version of its Cybercab without a steering wheel or brake pedal. Paramount Skydance (PSKY) requested a $1.88-billion bond from state attorneys general related to its pending merger with Warner Bros. Discovery.
Nvidia (NVDA) announced a $1.5 billion investment in SB Energy and a 4.25-gigawatt infrastructure agreement for an Ohio data center campus, where OpenAI will be the primary tenant. Meanwhile, the VanEck Semiconductor ETF (SMH) jumped 1%, supported by Nvidia's strength.