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US stocks slide after US strikes Iran, rate-hike bets jump
The Dow fell 0.5% and the S&P 500 dropped 0.3%, while Brent crude futures climbed above $90 a barrel amid renewed Middle East tensions.
US stocks declined on Monday after the United States attacked Iran for the first time in weeks, a move that boosted oil prices and increased expectations for a Federal Reserve rate increase at its September meeting, according to Yahoo Finance. The Dow Jones Industrial Average fell 0.5%, the S&P 500 declined by 0.3%, and the Nasdaq Composite dropped 0.2%. The report said all three major indexes were still on track to post monthly gains. Yahoo Finance attributed the pressure on equities to renewed hostilities in the Middle East, including strikes on Iranian rocket launchers preparing to send mines into the Strait of Hormuz. Oil prices jumped on concerns the conflict could escalate again, with Brent crude futures rising over $90 per barrel. The piece also linked the move to inflation worries, noting Iran-related conflict has been a factor keeping inflation concerns alive. It added that traders raised their odds of a 25 basis point hike to 62% from roughly 40% a week earlier after Fed Chairman Kevin Warsh’s Jackson Hole remarks, and said attention would shift to the Labor Department’s jobs report on Friday.
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