NEW YORK, United States: The Dow Jones fell for a fourth straight session Thursday as oil prices topped USD 100 a barrel and Treasury yields climbed to multi-year highs.
The Dow Jones Industrial Average closed down 316.56 points, or 0.6%, at 52,064.10. The S&P 500 fell 0.58% to 7,591.70, while the Nasdaq Composite lost 0.65% to finish at 26,081.72.
West Texas Intermediate crude settled at USD 102.48 a barrel, up 6.7%, while Brent crude gained 5.9% to USD 107.63.
Both benchmarks recorded their highest closes since May 19. Meanwhile, the 10-year U.S. Treasury yield moved above 4.95%, its highest level since October 2023.
Read: Brent Crude Tops $100 as Iran-US Tanker Attacks Widen
Rate-sensitive technology shares also weakened. Intel fell 5.6%, while Micron Technology dropped 4.7%. Apple gained 3.6% after launching its first foldable smartphone.
August producer prices rose 0.4% from the previous month and 5.4% year on year. Investors are now awaiting Friday’s consumer price index ahead of the Federal Reserve’s September 16 rate decision.
Read: S&P 500 Falls as Oil, Treasury Yields Fuel Rate Fears
CME FedWatch data showed futures pricing in a 73% probability of a quarter-point rate increase at the Fed meeting.
