Wall Street Slumps Amid Soaring Oil Prices and Surging Treasury Yields

The New York Stock Exchange saw its fourth consecutive day of declines on October 10, with the Dow Jones Industrial Average falling by 316.56 points (0.60%) to 52,064.10.

The S&P 500 index dropped 44.66 points (0.58%) to 7,591.70, while the tech-heavy Nasdaq Composite plummeted 171.62 points (0.65%) to close at 26,081.72.

Tech stocks bore the brunt of selling pressure due to their sensitivity to high interest rates. Nvidia fell by 2.26%, Micron Technology dropped 4.90%, and Intel tumbled nearly 6%.

The surge in international oil prices, which have risen to their highest since May 19, has fueled concerns over inflation, while the sharp increase in U.S. Treasury yields has added to market woes.