Wall Street Stumbles Amid Oil Price Surge and Bond Sell-Off
Stocks on Wall Street took a hit Tuesday as rising oil prices and a bond sell-off combined to put pressure on investors. The S&P 500 index fell 0.8%, while the Dow Jones Industrial Average dropped by 448 points, or 0.8%. The Nasdaq composite lost 1.1%.
The market's weak start to September follows a mostly positive month in August. However, underlying concerns remain, including inflation worries and the impact of global conflicts on the US economy.
Technology stocks were among the biggest losers, with Microsoft falling 1.3% and Advanced Micro Devices plummeting 3.3%. Their large market values give them significant influence over the broader market's direction, and their growth has been heavily reliant on borrowing, which becomes more expensive as interest rates rise.