Wall Street ends down as oil prices, Treasury yields rise
Nine of the 11 S&P 500 sector indexes declined, led lower by utilities, down 1.72%, followed by a 1.49% loss in communication services.
The S&P 500 closed lower on Wednesday, down 0.75% to 7,706.05 points, as Treasury yields climbed and Iranian President Masoud Pezeshkian stated that Tehran would not yield to US pressure. Oil prices surged almost 4% after Iran's speech at the UN, following US President Donald Trump's threat to "annihilate" Iran. The S&P 500's earnings expectations rose due to AI heavyweights, while its valuation dropped to its lowest since 2023.
Fed Governor Michael Barr indicated potential further rate hikes to combat inflation above the Fed's 2% target. The Nasdaq recorded record-high closes the previous two days, bolstering optimism about AI-related companies.
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.
Also reported by 2 other outlets
- Wall Street ends down as oil prices, Treasury yields rise freemalaysiatoday.com
- Wall Street ends down as oil prices, Treasury yields rise straitstimes.com
