Wall Street closes lower as oil prices jump
Despite the broad sell-off, all three major US indexes posted August gains, with the Nasdaq leading as the AI trade held firm.
US stocks declined on Monday as soaring oil prices reignited concerns about inflation and the possibility of tighter monetary policy from the Federal Reserve. The Dow Jones Industrial Average slipped 374.09 points, or 0.70%, to 53,185.90, while the S&P 500 fell 25.62 points, or 0.33%, to 7,686.14 and the Nasdaq Composite dropped 31.53 points, or 0.12%, to 26,370.89.
Wall Street's volatility was attributed to the hawkish remarks from US Federal Reserve Chair Kevin Warsh during his speech at the Jackson Hole Symposium, as well as ongoing tensions in the Middle East. Investors now have a greater than 65% chance of a 25-basis-point rate hike at the end of September, according to CME's FedWatch tool.
Energy shares saw the most significant gains among the 11 major sectors in the S&P 500, driven by the spike in crude prices.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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