Stocks closed down as a surge in oil above US$100 a barrel reignited inflation worries, while big banks dropped ahead of the start of the financial earnings season on Wednesday.
The S&P 500 erased gains that were earlier driven by speculation that price pressures could be near a peak. JPMorgan Chase & Co. will be the first among the top six banks to report results, with Wall Street focused on how volatility triggered by the war in Ukraine affected investment-banking and trading operations. Treasury 10-year yields slumped after touching the highest since December 2018. Oil topped US$100 a barrel.
The jump in crude alongside other commodities has fanned inflation fears, which could put pressure on the Federal Reserve to raise interest rates more aggressively. Gasoline costs drove half of the monthly increase in the U.S. consumer-price index in March. Still, core inflation increased less than forecast, due in large part to the biggest drop in used-vehicle prices since 1969 and a…
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2022-04-12 15:36:00
