Wall Street falls as oil prices stoke inflation fears
Summarised from 2 outlets · Updated 8 Oct, 16:00 · Archive
US stocks fell as oil prices jumped 4.2 per cent and Treasury yields rose near multi-year highs, stoking inflation concerns.
US stocks fell as soaring oil prices and Treasury yields stoked inflation worries ahead of a critical earnings season. Brent crude futures jumped 4.2 per cent to more than $104 a barrel on persistent supply concerns following increased attacks on shipping in the Gulf and the Strait of Hormuz. The yield on the benchmark 10-year Treasury bond stood at 5.29 per cent, close to its highest mark since 2002.
Megacap growth stocks were broadly lower, with Amazon, Tesla and Nvidia down between 0.3 and 1.3 per cent. Chip-related companies eased, with Marvell Technology and Intel losing about 3.0 per cent apiece and AMD down 2.0 per cent. Samsung Electronics' shares closed lower in South Korea despite forecasts of record quarterly profit, and Micron Technology dropped 1.4 per cent.
The Wall Street Journal reported that Broadcom is lining up $50 billion of financing for OpenAI, with Oracle also seeking funds, spurring fears that massive debt issuance by technology companies could intensify competition for capital. Broadcom and Oracle traded lower amid wider weakness in tech stocks. The S&P 500 and Nasdaq fell from record highs the day before, while the Dow snapped a four-day winning streak.
How it is being reported
- Wall Street slips as oil prices flag inflation riskUS stocks have opened lower as investors dropped shares in major technology companies.Perth Now · 8 Oct, 15:34
- Wall Street slips as oil prices flag inflation riskUS stocks have opened lower as investors dropped shares in major technology companies.The West Australian · 8 Oct, 15:34
In this story: Amazon · Tesla · Nvidia · Intel · Samsung Electronics · Broadcom · OpenAI · Oracle
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem
Comments (0)