Wall Street dips, oil continues climb ahead of US inflation data

Wall Street experienced a decline on Thursday, as oil prices continued to rise ahead of US inflation data. The Dow Jones Industrial Average fell by 0.33 percent, while the S&P 500 dropped 0.56 percent and the Nasdaq Composite experienced a 0.97 percent loss. Global stocks also saw a decline, with the MSCI gauge of stocks worldwide down by 0.69 percent.

The European Central Bank had already raised its key interest rate to 2.50 percent, barely affecting regional stock markets and the euro. US and Iranian tanker missile strikes in the Strait of Hormuz caused oil prices to hold above $100 a barrel, raising concerns about renewed inflation pressure. US 10-year bond yields hovered near multi-decade highs, with Germany's 10-year bond yield reaching a post-euro zone crisis high of 3.45 percent.

In the US, President Donald Trump promised a $5,000 dividend to every adult American if his party won congressional elections, while the Treasury Department announced a $6 billion bond buyback. Investors now anticipate US inflation data, producer price index and consumer price inflation figures, set to be released ahead of a Federal Reserve rate-setting meeting.