Wall Street Wobbles Amid Crude Price Hike and Interest Rate Fears

Wall Street's main indexes declined on Tuesday due to higher crude prices and elevated Treasury yields. The Dow Jones Industrial Average fell by 464.01 points, or 0.89%, to 51,957.19, while the S&P 500 dropped 37.69 points, or 0.49%, to 7,582.70.

The uncertainty surrounding AI demand also contributed to the decline, with some top AI companies calling for a slowdown in technology development due to safety concerns. However, Joe Saluzzi, co-founder and co-head of equity trading at Themis Trading, believes that the market does not expect such a slowdown to occur.

Oil prices remained elevated, with Brent crude futures rising 2.6% to $108.41, while U.S. West Texas Intermediate futures were trading at $104.76, up 3.3%. The Federal Reserve is expected to raise interest rates on Wednesday, with traders pricing in a nearly 93% chance of a hike.