Published • loading... • Updated
Wall St dips as higher yields, oil prices weigh
The Dow, S&P 500 and Nasdaq fell as Treasury yields climbed and Brent crude rose 2.21%, while energy shares gained.
- On Tuesday, major US stock indices fell as rising bond yields and climbing oil prices dampened investor sentiment, with the Dow Jones Industrial Average dropping 0.79 per cent, the S&P 500 losing 0.71 per cent, and the Nasdaq Composite falling 1.03 per cent.
- Mounting hostilities in the Middle East drove up oil prices, fueling inflation worries as the US war with Iran effectively shut down the Strait of Hormuz, through which 20 per cent of the world's oil typically flows.
- Global sovereign debt yields rose to multiyear highs, with the 10-year Treasury yield climbing to 4.79 per cent from 4.75 per cent late Monday, while US debt surpassed $56 trillion two weeks ago.
- Financial markets are pricing in a 68.2 per cent likelihood that the Federal Reserve will implement a 25-basis-point rate hike at its September meeting, up from 39.6 per cent a week ago, according to CME FedWatch.
- Defensive positioning remains a priority, though Angelo Kourkafas, senior global investment strategist at Edward Jones, noted that "economic conditions were deteriorating" is "not necessarily the case this year" despite September's historical weakness.
Insights by Ground AI
17 Articles
17 Articles
Yesterday, United States equities closed down on Tuesday, as the wave of global bond sales and the rise in crude oil prices worsened, amid the erosion of hopes for a near-term end to the American-Iranian war.
·Syrian Arab Republic (the)
Read Full Article
Coverage Details
Total News Sources17
Leaning Left4Leaning Right2Center3Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 33%
R 22%
Factuality
To view factuality data please Upgrade to Premium
