Oil at US$100, rising Treasury yields weigh on US stocks
Brent crude reached US$100 a barrel as Treasury yields climbed, fuelling concern that inflation could prompt Federal Reserve action at its next policy meeting.
US stocks fell as Brent crude reached US$100 a barrel and Treasury yields continued to rise, according to Yahoo Finance.
The two-year Treasury yield reached 4.42%, while the 10-year yield hovered near 4.8%. The moves intensified market concern that higher oil prices could add to inflationary pressure and increase the likelihood of a Federal Reserve rate rise at its next policy meeting.
Technology shares gained in early trading, led by a 1% rise in Tesla and a 3% advance for Meta. Apple shares were flat ahead of a product unveiling event in California.
Energy shares extended gains from the previous session. Financial and consumer discretionary stocks declined, reflecting their sensitivity to higher interest rates.
The market moves do not confirm a Federal Reserve decision. They reflect investor expectations as oil prices and bond yields remain in focus.
