US stocks moved lower Thursday as rising oil prices, concerns over the Iran conflict and renewed inflation fears pressured investors across S&P 500, Dow Jones Industrial Average and the broader New York Stock Exchange.
The S&P 500 fell 0.3% and headed toward its fourth decline in five sessions after recently hitting a record high. The Dow Jones dropped roughly 110 points, while the Nasdaq Composite slipped 0.4%.
Markets were rattled primarily by another jump in crude oil prices as uncertainty surrounding Iran and the Strait of Hormuz continued to fuel concerns about global energy supply disruptions.
Oil prices jumped as Iran tensions intensified, with Brent crude rising 2.6% to $107.76 per barrel, while U.S. West Texas Intermediate crude topped $100.
Concerns over inflation also weighed on investors, with Treasury yields higher again, reviving concerns that the Federal Reserve may be forced to keep interest rates elevated - or even raise them further.
Investors also worried that higher financing costs could slow spending on artificial intelligence infrastructure projects that have been supporting much of the market’s recent momentum.
Nvidia earnings failed to spark a rally, despite beating Wall Street expectations on both profit and revenue, while Walmart dropped after warning on profits.
International markets delivered mixed performances, with South Korea’s Kospi surging 8.4% and Japan’s Nikkei 225 rising 3.1%, but Chinese markets struggling.
