Markets retreated as energy shocks and rising bond yields pressured equities, with the 10-year Treasury yield hitting 4.91% and oil prices rallying on supply concerns.
WTI crude surged past $100 on Middle East escalation and Saudi production drop to multi-decade lows.
Brent crude rose above $107 as supply fears intensified following Iran conflict and OPEC output warnings.
The Dow fell for a fourth straight day as surging oil and bond yields fueled rate hike fears.
S&P 500 dropped 0.58% amid broad sell-off on inflation and interest rate concerns.
Nasdaq sank 0.65% as tech stocks were hit by climbing yields and hawkish Fed expectations.
Shares rose 3% as investors turned bullish on Apple's new iPhone Duo and AI strategy following CEO John Ternus's debut launch event.
Alphabet rose 0.6% amid broad market sell-off, showing relative strength.
Alphabet's Class C shares also traded modestly higher, reflecting same positive sentiment as GOOGL.
Oracle earnings due after the bell were expected to offer a reality check on AI capex, but no clear pre-announcement sentiment indicated.
Kalshi's launch of gold/silver perpetual futures raises questions about competitive threat, but the impact on incumbents remains uncertain.
The exchange faces potential long-term risk from CFTC-approved perpetual futures, though immediate effect is unclear.
Parent company of NYSE may see competition from new perps products, but market reaction remains muted for now.
US equity markets extended their losing streak to four days as surging oil prices and climbing Treasury yields intensified inflation fears. Brent crude surpassed $107 per barrel following supply warnings from Saudi Arabia and escalating Middle East tensions, while the 10-year Treasury yield hit multi-year highs, fueling expectations of a Federal Reserve rate hike next week.
Oil prices are rallying due to a combination of escalating conflict in the Middle East involving Iran and a significant drop in Saudi Arabian oil production to levels not seen since 1990.
Market indicators, including CME FedWatch, currently suggest a roughly 69% probability that the Federal Reserve will raise interest rates at its upcoming meeting.