Forex
US Stocks Plummet Amidst Rising Oil Prices and Inflation Concerns
US stocks experienced a downturn on Tuesday as bond yields surged to multi-year highs following a flare-up in the Strait of Hormuz and rising inflation concerns.
The S&P 500 plummeted by 0.7%, while the Nasdaq and Dow Jones fell by 1.4% and 0.6%, respectively.
Nvidia shares dropped 2.1% and Amazon's stock price declined by 2.5% as investors became increasingly cautious.
Global bond yields skyrocketed after Federal Reserve Chair Kevin Warsh delivered a hawkish speech on Friday, prompting further increases throughout the week.
Japanese 10-year government bond yields reached 3% for the first time since 1996, while UK 30-year yields touched their highest level since 1998 and US 10-year yields returned to their peak of January.