Stock futures inch higher as traders brace for wholesale inflation report: Live updates - CNBC
U.S. stock markets declined for the fourth consecutive day as rising oil prices and inflation concerns weighed on investor sentiment. Despite a successful product launch from Apple, high-beta tech stocks struggled amid fears of economic slowdown.
Why it matters
The ongoing conflict between the U.S. and Iran is driving energy costs higher, creating significant volatility in global financial markets and complicating Federal Reserve policy.
Stocks dropped Thursday after U.S. oil prices topped $100 a barrel, amid growing fears of higher inflation from a prolonged war in the Middle East.
The Dow Jones Industrial Average closed down 316.56 points, or 0.6%, to 52,064.10. The S&P 500 fell 0.58% to end at 7,591.70, while the Nasdaq Composite slid 0.65% to 26,081.72. It was the fourth consecutive day of declines for the major averages.
Higher oil prices continued to weigh on sentiment , as the war between the U.S. and Iran stretched into a seventh month. U.S. West Texas Intermediate closed at $102.48, up 6.7%. Brent crude futures gained 5.9% to settle at $107.63. It was the highest close since May 19 for both benchmarks.
Since the Iran war began at the end of February, WTI is up 52.9%, and it's up by 78.5% year-to-date.
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