US stocks slid on Tuesday as the US and Canada’s trade war escalated and rising oil prices and inflation jitters took focus at the start of the holiday-shortened week.
The Dow Jones Industrial Average fell 0.8%, while the S&P 500 slipped 0.2%. The tech-heavy Nasdaq Composite fell 0.1% as investors eyed inflation data and Oracle earnings later this week.
Rising oil prices put pressure on markets as Iran said it was close to a deal with Oman to manage traffic through the Strait of Hormuz. Brent crude oil futures, the global benchmark, crept toward $100 per barrel, while US benchmark WTI crude neared $93 per barrel.
Fears of an ongoing war in the Middle East have revived angst about inflation and a potential Federal Reserve rate hike this month, particularly after Friday’s blowout jobs report showed strong job gains in August. Investors are bracing for a fresh Consumer Price Index reading on Friday, which will indicate whether inflation is moving back down toward the Fed’s 2% goal or whether it remains a thorn in the central bank’s — and consumers’ — side.
Yahoo Finance
