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Wall Street indexes slip as oil prices hit four‑year high
Wall Street fell as oil hit a four‑year high, dragging most indices lower.
Key points
- S&P 500 slipped 0.5% as Brent crude settled at $116.72 per barrel, its highest since June 2022.
- AI stocks including Micron, Intel, Microsoft and AMD rose between 0.7% and 2.5% despite broader market decline.
- Energy giants Chevron and ConocoPhillips gained 2.9% and 3.6% as higher oil prices lifted the sector.
Why it matters. Higher oil prices are pressuring equities and could keep market volatility elevated, while gains in AI and energy stocks highlight sectoral shifts that may influence investor allocations.
Wall Street closed lower on Friday as oil prices surged to a four‑year high, pushing the S&P 500 down 0.5% and the Dow Jones Industrial Average down 1.2%. Brent crude rose 3.1% to $116.72 a barrel, its highest level since June 2022, and nearly three‑quarters of S&P 500 components fell. AI‑related stocks such as Micron, Intel, Microsoft and AMD posted gains, while industrials like Caterpillar and financials including American Express and JPMorgan lost ground.
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Wall Street indexes slip as oil prices hit four‑year high
U.S. equity markets closed lower on Wednesday as oil prices climbed to a four‑year peak, driven by supply concerns in the Middle East. The S&P 500 fell 0.5%, extending a decline that began the previous day, while the Dow Jones Industrial Average also slipped. Analysts said higher energy costs are weighing on consumer spending and corporate profit margins. The rally in oil pushed Brent crude above $95 per barrel, the highest since 2022. The market downturn was echoed in Asian trading, where the ASX opened lower amid the same pressures.