Forex
US Stocks Open September Lower Amid US-Iran Tensions and Rising Oil Prices
US stocks opened September on a weak note due to renewed US-Iran hostilities pushing oil sharply higher and lifting bond yields, sparking inflation concerns just weeks ahead of the Federal Reserve's next meeting.
The six-month conflict between the two countries reignited after two oil tankers were struck by projectiles. The Saudi-owned tanker was attacked, while the South Korean-owned tanker was also hit, sending Brent crude above $95 a barrel and stoking fears over regional energy supply disruption.
Treasury yields climbed on the combination of elevated oil prices and sticky inflation, pressuring high-valuation tech shares the hardest. Energy stocks were the lone bright spot, rising 1.3%, while consumer discretionary lagged, falling 1.9%.