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Oil Prices Surge Amid Middle East Tensions Weigh on US Stocks

Guavy AI Editorial Team
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US stocks are mixed as investors return from the Labour Day long weekend, weighed down by concerns over oil prices and inflation risks ahead of this week's inflation data.

The S&P 500 is trading above its rising trend line and key moving averages, maintaining a constructive outlook. However, the price has encountered resistance at the record high of 7,810 and has since eased lower, but continues to hold above support at 7,615, the June high.

Oil prices are surging, with Brent nearing $100 a barrel amid renewed tensions in the Middle East, adding to concerns over another wave of inflation. The market is currently pricing in a 60% chance of a Fed rate hike next week.

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