U.S. stocks retreated from record highs as mounting worries over inflation took hold. Higher crude oil prices and surging Treasury yields fueled the selloff, hitting technology shares particularly hard.
The Dow Jones Industrial Average dropped about 500 points in the session. Investors grew concerned that rising energy costs and bond yields could signal persistent price pressures ahead.
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Wall Street markets closed higher on May 13, led by gains in the technology sector ahead of the US-China meeting.
US stock markets tumbled after the Federal Reserve kept interest rates unchanged and signaled just one rate cut this year. The Dow Jones dropped 768 points, while the S&P 500 and Nasdaq fell over 1.3%. Rising oil prices, geopolitical tensions, and an increase in the Producer Price Index contributed to the uncertainty.
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Asian stocks fell alongside Wall Street after US inflation data showed faster price growth. Rising oil prices tied to conflict in Iran pushed Treasury yields higher and increased expectations for a Federal Reserve rate increase in 2027.
Asian markets fell on Monday as drone attacks in the Gulf drove up oil prices and bond yields. Investors are awaiting Nvidia's earnings report later this week for clues on the strength of the artificial intelligence sector. High energy costs are adding to global inflation worries.
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Geopolitical tensions in the Middle East, involving the US, Israel, and Iran, have triggered a slide in Asian shares and a surge in oil prices. Investors are turning to the US dollar for safety amid fears of prolonged energy cost increases and inflation. While emerging markets face short-term losses, experts see long-term resilience.
The S&P 500 and Nasdaq closed at record highs on Friday, driven by strong corporate earnings and declining crude oil prices. The indices notched their longest weekly gain streak since October 2024 amid an earnings-heavy week.
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South Korean stocks opened lower Tuesday amid growing concerns over inflation and an overnight slump in U.S. tech shares.