Commodities
US Stocks Tumble as Oil Prices Hit $100 and Bond Yields Soar
The US stock market took a hit on Monday as oil prices surged to $100.19 per barrel, a 2.8% increase from last week's levels.
The S&P 500 fell by 0.8%, while the Dow Jones Industrial Average dropped 372 points (0.7%) and the Nasdaq composite lost 1% of its value.
Rising oil prices are putting pressure on the economy, with inflation expected to worsen due to higher fuel costs. The average price for a gallon of regular gasoline has reached nearly $4.48 from $3.13 a year ago.
The bond market is also experiencing increased yields, with the 10-year Treasury yield jumping to 5.26% and the 30-year Treasury yield rising to 5.58%. This makes borrowing more expensive for everyone and puts downward pressure on stock prices.