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Barchart
Rich Asplund

Stocks Settle Lower as Rising Crude Prices Spur Inflation Fears

The S&P 500 Index ($SPX) (SPY) closed down by -0.87% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -1.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.72%. E-mini S&P futures (ESU26) fell -0.85%, and September E-mini Nasdaq futures (NQU26) fell -0.76%.

Stock indices settled lower on Thursday, with the S&P 500 and Nasdaq 100 falling to 2-week lows and the Dow Jones Industrial Average falling to a 2.5-week low. Stocks were under pressure on Thursday as rising oil prices boosted inflation risks and pushed bond yields higher. WTI crude oil climbed to a 1-month high on Thursday after President Trump threatened Iran with economic isolation, dimming prospects for both an imminent breakthrough in the war between Iran and the US and a normalization of crude flows through the Strait of Hormuz. The 10-year T-note yield rose +4 bp to 4.69%.

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