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As of 11:45 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.38% to 7,607, the Nasdaq Composite (NASDAQINDEX:^IXIC) has slipped 0.42% to 26,140, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.49% lower at 52,156 as higher oil prices weigh on markets.
Gold is down 1.09% to $4,412.10, and the 10-Year Treasury yield has climbed to 4.92%, a 10-year high. Utilities and consumer cyclicals saw the biggest sector gains, while basic materials fell.
Apple (NASDAQ:AAPL) gained slightly as investors digested the launch of its new foldable iPhone. AeroVironment (NASDAQ:AVAV) popped after the drone maker announced record revenue and a strong backlog. Macy's (NYSE:M) slipped despite an earnings beat.
Brent crude reached over $106 a barrel today, as tensions in the Middle East continue to escalate. Oil prices had fallen in recent months on hopes that a peace agreement could be negotiated, but strikes in recent days have further restricted traffic through the Strait of Hormuz. The surge in oil prices put pressure on stocks and bonds, as traders priced in a near 70% likelihood of a Federal Reserve rate hike next week.