Stocks pulled back from record highs amid inflation concerns

The rally in U.S. stocks, which had pushed the S&P 500 and the Nasdaq Composite to new all-time highs the previous day, hit a roadblock on October 7, according to Bloomberg. Oil prices, which remain high, have heightened concerns about potential inflationary pressures that could prompt the Federal Reserve to raise interest rates, the agency notes.

These concerns led to a drop in the S&P 500 index from its all-time high. The price of Brent crude oil stabilized at around $100 per barrel as traders assessed the escalation of Iranian attacks on ships in the Strait of Hormuz. Ten-year Treasury bonds rebounded from intraday lows following a successful $39 billion auction, but their yields remained near their highest levels since 2002, the agency notes. Bitcoin fell.

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