Stocks
US Stocks Plummet as Oil Prices Soar Above $100 a Barrel
US stocks ended lower on Wednesday as oil prices surged above US$100 per barrel, causing concerns about inflation and the global economy. The S&P 500 energy index rose 1.1% while all other sector indexes fell.
The high oil price was fueled by worries about the global oil supply and Middle East tensions. Brent crude surpassed the sensitive level of US$100 a barrel, putting pressure on stock markets.
Apple dipped 0.3% after its first smartphone launch under new CEO John Ternus, while Alphabet declined 2.3% due to its plans to invest at least US$15.1 billion in AI infrastructure in Finland over the next two years.