Oil Prices Fuel Another Day of Losses on Wall Street

Stocks closed broadly lower on Wall Street as rising oil prices and bond yields continued to put pressure on investors. The S&P 500 index fell 0.7%, while the Dow Jones Industrial Average dropped 0.8% and the Nasdaq composite slid 1%. This marks the third consecutive day of losses for major indexes.

The weak start to September follows a mostly positive month in August, when every major index notched gains. However, the same worries that plagued investors last month persist, including high inflation, government debt, and the impact of global conflicts on the U.S. and global economy.

Tech stocks were among the heaviest weights on the market, with Nvidia, Amazon, and Advanced Micro Devices leading declines. Their large market values make them influential over broader market direction, and their growth has been heavily reliant on borrowing, which becomes more expensive as interest rates rise.