US indexes fall for fourth day as oil prices surge — Anadolu Agency
US stock indexes closed lower on September 10 for the fourth consecutive trading session amid a sharp rise in oil prices, increasing US government bond yields and growing inflation concerns. The Dow Jones lost 316.56 points, or 0.6%, ending at 52,064.10. The S&P 500 fell 0.58% to 7,591.70, while the Nasdaq Composite declined 0.65% to 26,081.72.
Oil and bonds increase pressure
As Anadolu Agency reports, US WTI crude rose 7.1% by the end of trading to $102.93 per barrel. Brent increased 7% to $108.28 per barrel. According to the agency, the war between the United States and Iran has been ongoing for the seventh month.
Since the war began in late February, WTI has gained 52.9%, and it is up 78.5% since the beginning of the year. Amid rising oil prices, the yield on 10-year US Treasury bonds exceeded 4.95%, its highest level since October 2023. The CBOE Volatility Index, also known as Wall Street's fear index, rose 8.38% to 17.84 points.
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Inflation and technology stocks
US producer inflation data became an additional factor for the market. The Producer Price Index rose 0.4% month on month in August and 5.4% year on year, accelerating after July's revised 4.8% reading. Producer prices excluding food, energy and trade services increased 0.3% for the month and 4.7% for the year.
Energy prices increased 4.2% over the month, with diesel fuel rising 24.1% in particular. Shares of technology and semiconductor companies came under pressure: Intel stock lost more than 5.5%, while Micron Technology fell 4.9%.
European exchanges also decline
European stock markets ended the day lower amid escalating tensions between the United States and Iran, rising oil prices and European Central Bank rate hikes. The ECB raised its three key interest rates by 25 basis points. The Stoxx Europe 600 fell 0.69%, the UK's FTSE 100 declined 0.57%, Germany's DAX 40 dropped 0.84%, and France's CAC 40 fell 0.49%.
