Forex
Rising Yields and Oil Send US Stocks Plummeting on Thursday
US stocks took a hit on Thursday as investors reacted to rising producer prices for August and increasing oil costs. The developments intensified concerns that the Federal Reserve may increase interest rates in its meeting next Wednesday.
The core exchanges experienced significant shifts, with prominent tech firms Nvidia and Micron Technology dragging down the S&P 500. Meanwhile, Apple saw a rare rally following the launch of its $1,999 iPhone a day before.
Brent crude oil soared 6% to $107 a barrel, stoking inflation fears due to supply disruptions in the Strait of Hormuz and the Red Sea caused by geopolitical conflicts.