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US MARKET CLOSE | Stocks Fall as WTI Crude Tops $100, 10-Year Treasury Yield Hits Highest Since October 2023

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US stocks closed lower on Thursday as US oil prices broke above $100 a barrel amid growing concerns that a prolonged war in the Middle East could worsen inflation, according to Sina Finance. The Dow fell 316.559 points, or 0.60%, to 52,064.102; the S&P 500 dropped 44.660 points, or 0.58%, to 7,591.700; and the Nasdaq lost 171.615 points, or 0.65%, to 26,081.725. With the US-Iran war now in its seventh month, high oil prices continued to weigh on market sentiment. West Texas Intermediate (WTI) crude settled at $102.48 a barrel, up 6.7%, while Brent crude futures rose 5.9% to close at $107.63. These were the highest closing prices for both benchmarks since May 19. Since the Iran war began in late February, WTI has risen 52.9% and is up 78.5% year to date. Thursday's oil surge pushed the 10-year US Treasury yield above 4.95%, its highest level since October 2023. High-beta chip stocks that had led the bull market moved lower on concerns that rising rates and oil prices could drag on economic growth, with Intel down more than 5% and Micron Technology off 4.7%. A mild wholesale inflation report failed to ease worries over rates and oil. The Producer Price Index (PPI) rose a seasonally adjusted 0.4% month over month in August, in line with consensus expectations, while the annualized rate came in at 5.4%, still well above the Federal Reserve's 2% inflation target. The report was released ahead of Friday's closely watched Consumer Price Index (CPI), with both figures feeding into the Personal Consumption Expenditures (PCE) price index, which will not be released until after the Fed's September 16 rate decision. According to the CME FedWatch tool, federal funds futures priced a 73% probability of a 25 basis point hike after next week's meeting. The major indexes had fallen for three straight sessions after the US Treasury said it would buy back up to $6 billion in longer-dated debt, three times the usual size; less than a month earlier, the Treasury had said it would more than double a $2 billion government debt buyback.

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US MARKET CLOSE | Stocks Fall as WTI Crude Tops $100, 10-Year Treasury Yield Hits Highest Since October 2023

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