The Nasdaq fell 1% at the start of trading in the U.S. due to a sharp rise in oil prices
U.S. market opened lower due to rising oil prices / Photo: Unsplash/Joshua Tsu
Stocks on the U.S. stock market fell at the start of trading on September 10 amid a sharp rise in oil prices.
Of the three leading indices, the Nasdaq Composite fell the most in the first few minutes after the markets opened—by about 1%. It then slowed its decline to 0.7%. The broad-market S&P 500 index and the blue-chip Dow Jones Industrial Average were down about 0.6% and 0.3%, respectively.
Stocks opened lower amid rising oil prices. The price of U.S. WTI crude rose above $100 per barrel, while the international benchmark, Brent, rose above $150 per barrel.
In addition, investors were monitoring the Producer Price Index (PPI)—one of the indicators of inflation. It rose 0.4% month-over-month and 5.4% year-over-year in August, the U.S. Bureau of Labor Statistics reported on Thursday, September 10. Excluding volatile energy and food prices, the index rose by 0.2% and 4.6%, respectively. The annual rate of the index came in slightly higher than expected (5.3%, according to Bloomberg estimates ).
This news story is being updated...
This article was AI-translated and verified by a human editor
