Oil Price Surge Sends US Stocks Reeling for Fourth Straight Session
US stocks fell for a fourth consecutive session on Thursday as oil prices surged and Treasury yields rose. The Dow Jones Industrial Average (.DJI.US) closed at $52,291.85, down 0.6% from its previous close.
The S&P 500 Index (.SPX.US) also declined, losing 0.58%. The Nasdaq Composite Index (.IXIC.US) dropped even further, by 1.03%.
Oil prices surged 7.3%, reaching an intraday high of $103.06 per barrel, while the 10-year Treasury yield hit its highest level in nearly three years at 4.959%. This has led to increased expectations for a Fed rate hike, with odds jumping to 70%.
Apple's stock surged 3.6% after the company launched its first foldable iPhone, but NVIDIA fell 2.4%, leading tech losses. DBS rejected a $1.3 billion claim linked to the 1MDB scandal and vowed to vigorously defend itself.