S&P 500 Falls 0.6% as Brent Nears $98 Ahead of U.S. Inflation Data
Updated
Updated · Yahoo Finance · Sep 8
S&P 500 Falls 0.6% as Brent Nears $98 Ahead of U.S. Inflation Data
3 articles · Updated · Yahoo Finance · Sep 8
Summary
Brent crude settled near $98 a barrel after six straight WTI gains, pressuring equities as traders braced for U.S. inflation reports due Thursday and Friday.
The Dow dropped 1.2% to 52,786.07, the S&P 500 lost 0.6% to 7,673.52, and the Nasdaq 100 slipped 0.1%, while the Russell 2000 rose about 0.5%.
Weekend military exchanges involving Washington and Tehran helped extend the oil rally, sharpening concern that higher energy costs could feed into August producer and consumer prices.
CME FedWatch showed traders pricing a 59% chance of a 25-basis-point Fed hike at the Sept. 15-16 meeting, leaving markets highly sensitive to any upside inflation surprise.