US stock indexes fall amid rising oil prices — Anadolu Agency
In the United States, stock indexes ended Tuesday's trading lower: investors were concerned about a possible increase in inflationary pressure due to rising oil prices and awaited new inflation data. As Anadolu Agency reports, the Dow Jones Industrial Average lost 628.18 points, or 1.18%, closing at 52,786.07 points. This was its second consecutive decline.
The S&P 500 fell 0.58% to 7,673.52 points, while the Nasdaq Composite lost 0.32% and ended the session at 26,421.41 points. US exchanges were closed on Monday for the Labor Day holiday.
Oil and inflation expectations
Oil prices continued to rise amid escalating tensions in the Middle East. US West Texas Intermediate crude gained 2.8% to $94 per barrel, marking its sixth consecutive session of gains. The price of the international Brent benchmark remained near $99 per barrel.
Market participants are awaiting the release of the August producer price index on Thursday and the consumer price index on Friday. These indicators may affect expectations regarding the US Federal Reserve meeting scheduled for September 15–16. Money markets put the probability of a 25-basis-point increase in the key rate at 60%.
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The yield on 10-year US government bonds rose to 4.796%.
Stock movements and European trading
Among the few gainers in US trading were shares of semiconductor companies. Intel shares gained more than 9%, Advanced Micro Devices rose 5.9%, and Broadcom added about 3%.
Investor sentiment was also affected by renewed trade tensions between the United States and Canada: Canadian retaliatory tariffs on US goods worth approximately $20 billion took effect on Tuesday.
European stock markets ended the day mixed. The STOXX Europe 600 index fell 0.05% to 649.60 points, the UK's FTSE 100 declined 0.1%, while Germany's DAX was almost unchanged, ending trading at 26,007.63 points. France's CAC 40 added 0.14%, while Switzerland's SMI lost 1.55% after Novartis shares fell nearly 11% due to another setback in drug development.
