Oil Prices Fuel Inflation Fears, US Stocks Slide

U.S. stocks slipped on Tuesday as rising crude oil prices fueled inflation fears and pushed the 10-year Treasury yield above 4.8% for the first time since October 2023.

The Dow Jones Industrial Average bore the brunt of the damage, falling 578 points to 52,836.34.

Brent crude hovered near $97 a barrel, up about 11% on the month, while West Texas Intermediate crude was near $92 a barrel, also up roughly 12% over the past month.

Amgen Inc. led the decline in the Dow, falling 9.6%, after Novartis disclosed that its investigational therapy failed to reduce cardiovascular death and stroke in a pivotal Phase 3 trial.