Wall Street opens lower as oil surge fuels inflation concerns
US stocks opened lower on Thursday as oil prices surged and Treasury yields hovered near multi-year highs, stoking inflation worries ahead of an earnings season. The Dow fell 0.35 per cent, the S&P 500 dropped 0.37 per cent and the Nasdaq declined 0.49 per cent at the opening bell.
US stocks opened lower on Thursday as oil prices surged and Treasury yields hovered near multi-year highs, stoking inflation worries ahead of an earnings season that will test whether corporate profits can sustain the momentum, Reuters reported.
The Dow Jones Industrial Average fell 178.5 points, or 0.35 per cent, at the open to 51,001.38. The S&P 500 fell 28.9 points, or 0.37 per cent, at the open to 7,772.87, while the Nasdaq Composite fell 135.05 points, or 0.49 per cent, to 27,403.64 at the opening bell.
The declines came as oil prices jumped, raising concerns that higher energy costs could feed into broader inflation and pressure corporate margins. Treasury yields also remained elevated near multi-year highs, adding to the inflation worries.
Investors are now turning their attention to the upcoming earnings season, which will provide insight into whether companies can maintain profit growth amid rising input costs and a high-interest-rate environment.
The market moves reflect ongoing uncertainty about the economic outlook, with traders weighing the impact of persistent inflation and tighter monetary policy on corporate performance.