US Stocks Slide Amid Rising Oil Prices and Inflation Concerns

The US stock market closed lower on Wednesday, as investors continued to grapple with rising oil prices and inflation concerns. The Dow Jones Industrial Average shed 0.77% to close at 52,380.66, while the S&P 500 fell 0.48% to 7,636.36.

The jump in oil prices was sparked by tensions between the US and Iran, which raised concerns about potential disruptions to Middle East supply. West Texas Intermediate crude for October rose 3.25% to $96.05 a barrel, while international benchmark Brent climbed 3.82% to $101.66 a barrel.

Treasury yields also increased, with the 10-year Treasury note crossing the psychologically important 4.8% threshold to close at 4.844%. The move was driven by the Treasury Department's decision to triple its buyback operation of longer-dated government debt to $6 billion.