Oil Tops $100, Yields Hit Multiyear Highs as Wholesale Inflation Heats Up
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
The Nasdaq fell 0.65% to 26,081.72 as oil surged 6.7% to $102.48 a barrel, its eighth straight gain and highest settlement since May. August producer prices rose 0.4% monthly and 5.4% annually, driven by energy costs, and Treasury yields hit multiyear highs—the 30-year at 5.360%, highest since 2004, and the 10-year at 4.943%, highest since October 2023. This follows a three-day losing streak tied to Middle East escalation, but today's move adds fresh inflation data and a decisive break above $100 oil. The market is now pricing a higher probability of a Fed hike next week, with the 2-year yield at 4.548%, its highest in over two years. The combination of rising energy costs and tightening financial conditions is a direct headwind for tech valuations.
At the time of this announcement, IXIC was trading at $26,081.72 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.