US Stocks Slide as Crude Prices Revive Inflation Fears
US stocks declined on Monday as concerns about inflation and interest rates mounted. The Dow Jones Industrial Average fell by 306.71 points, or 0.57%, to 53,253.28. This comes after a volatile month, with the S&P 500 losing 27.95 points, or 0.36%, to 7,683.81.
The decline was fueled by rising crude prices, which revived fears of inflation and tighter monetary policy. US Treasury yields rose as trading began on Monday, following a hawkish tone from Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium last week.
Energy shares were among the biggest gainers, with Halliburton and Valero Energy rising 1.9% and 1.2%, respectively. However, utilities were among the laggards, with California's PG&E falling by 18.2%. The AI trade remained resilient, with Nvidia rising 0.9%, despite recent weakness.