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Stocks fell as crude oil hit a 3-week high and bond yields rose
The 10-year Treasury yield increased 3 basis points to 4.72%, a move driven in part by higher oil prices and inflation expectations.
U.S. stock indexes settled lower on Monday as crude oil climbed to a 3-week high amid concerns about the outlook for the US-Iran conflict, which weighed on overall market sentiment. The S&P 500 ended down 0.5%, the Dow Jones Industrial Average fell 0.5% to a 2-week low, and the Nasdaq 100 declined 0.2%, according to Yahoo Finance.
Rising oil also pushed up inflation expectations and lifted bond yields, factors that traders viewed as bearish for equities. The 10-year T-note yield rose 3 basis points to 4.72%, while E-mini S&P 500 futures and E-mini Nasdaq 100 futures were also lower after the close.
Stocks initially found some support from strength in technology, helped by positive read-throughs from Anthropic PBC’s results. Yahoo Finance cited that Anthropic told prospective investors its Q2 revenue grew at least 14-fold versus the same period last year, as reported by Bloomberg, supporting the view that spending on artificial intelligence could remain sustained.
Despite that support, weakness in software weighed on the Dow, and weaker signs from China added to pressure on global growth expectations. Yahoo Finance pointed to China’s July industrial production, retail sales, and a higher survey jobless rate that came in below forecasts.
Latest closeWTI crude $82.40 ▲1.4%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%