Wall Street Steadies as Oil Prices Fall Amid Ongoing Iran Conflict
US stocks held steady on Wall Street Tuesday as falling oil prices and stable Treasury yields took some pressure off the market.
The S&P 500 was mostly unchanged, but several big technology companies helped offset losses within the index. Nvidia rose 0.8%, while Broadcom increased by 3.3%.
The majority of stocks in the S&P 500 index lost ground due to rising oil prices and high Treasury yields, which threaten to slow economic growth by making borrowing more expensive for individuals and businesses.
The price of Brent crude oil fell 1.5% to $96.41 a barrel on Tuesday, after briefly climbing above $100 on Monday. The latest update on the jobs market showed that US employers posted fewer job openings in August, with layoffs falling and fewer people quitting their jobs.