S&P 500 Tumbles as Inflation Fears Fuel Rate Hike Expectations

The S&P 500 ended down on Thursday due to rising Treasury yields and inflation worries. Brent crude jumped 6% to $107 a barrel, fuelling expectations that the Federal Reserve will hike interest rates next week.

Heavyweight chipmakers lost ground, with Nvidia down 2.3% and Micron Technology losing 4.7%, both weighing on the S&P 500. Apple, however, rallied 3.6% a day after launching a $1,999 iPhone.

Data showed the US producer price index increased in line with expectations in August amid a rebound in energy product costs. Investors will pay close attention to Friday's consumer price data. The S&P 500 declined 0.58% to end the session at 7,591.75 points.