Last Friday, the three benchmark stock indexes on Wall Street closed a losing week. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite slipped 1.6%, 0.8% and 0.7% respectively. The weekly decline was primarily due to a sharp rise in oil prices amid escalating Middle East tensions, which heightened inflation concerns and pushed Treasury yields higher. The 10-year yield approached 5%, increasing fears that the Fed could maintain a restrictive stance despite an expected September rate hike. Technology stocks showed relative resilience, helped by strength in AI-related shares, while Friday's retreat in crude and in-line CPI data sparked a broad rebound.
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