US stocks: Wall Street closes lower as oil prices jump, indexes notch monthly gains
All three major indices fell for the day
On Monday, US stocks experienced a decline as war-related factors increased crude prices, sparking inflation concerns and potentially leading to stricter monetary policy. This development dampened investors' risk appetite, prompting benchmark US Treasury yields to rise amid the reaction to Federal Reserve Chair Kevin Warsh's hawkish comments from his speech at the Jackson Hole Symposium.
Despite the overall market decline, all three major US stock indexes managed to post monthly gains. The Nasdaq showed the highest percentage growth for the month of August, driven by ongoing interest in the AI sector. The Dow Jones Industrial Average slipped by 374.09 points, or 0.7%, reaching 53,185.90; the S&P 500 dropped 25.62 points, or 0.33%, to 7,686.14; and the Nasdaq Composite fell 31.53 points, or 0.12%, to 26,370.89.
Among the top-performing sectors in the S&P 500, energy shares witnessed the most significant percentage gains, fueled by the surge in crude prices.
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