Wall Street ends lower as oil spikes and the benchmark Treasury yield breaches 5pct
NEW YORK: Wall Street extended its selloff on Tuesday, as rising US Treasury yields, mounting debt concerns and soaring crude prices kept buyers on the sidelines.
Wall Street experienced a decline on Tuesday as higher US Treasury yields, mounting debt concerns, and soaring crude prices discouraged investors. All three major US stock indexes fell from Monday's losses, with the exception of the energy sector, which benefited from increased tensions in the Middle East. Peter Tuz, president of Chase Investment Counsel, expressed concerns about the potential slowdown in the AI sector and the increasing likelihood of a rate hike by the Federal Reserve.
The Fed is expected to raise its Fed funds target rate by 25 basis points, its first increase in over three years. Oil prices rose, with West Texas Intermediate settling up 4.4% and Brent crude increasing by 2.9%. The benchmark US Treasury yield surpassed 5%, reaching the highest level since 2007. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all suffered losses, with the S&P 500 ending the day down 0.45%.
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