US stocks fall as higher oil prices, Treasury yields weigh
SPY•US stocks fell as higher oil prices and Treasury yields weighed on markets. The S&P 500 lost 0.76% to 7,684.41, the Nasdaq fell 0.91% to 26,822.09 and the Dow dropped 0.66% to 51,484.84.
1. Markets retreat
US stocks fell on Monday as investors weighed uncertainty over prospects for an Iran peace deal and the effect of higher oil prices on inflation and Federal Reserve policy. Oil prices had pared gains but remained elevated after US President Donald Trump rejected Iran’s peace proposal, while Treasury yields rose.
2. Rate and company news
Markets priced in a 70.3% chance of a Fed rate increase of at least 25 basis points at its October meeting, up from 57.6% a week earlier. Nvidia shares gained after the company announced a $150 billion share repurchase authorization, while Boeing fell after the FAA administrator said software problems would delay certification of the 737 MAX 10, and Tesla declined after J.P. Morgan lowered its price target, citing weak third-quarter deliveries.
