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As of 11:43 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.48% to 7,636.59, the Nasdaq Composite (NASDAQINDEX:^IXIC) has fallen 0.68% to 7,636.59, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.73% lower at 52,399.06, as oil prices fuel inflation concerns.
Gold is trading up 0.18% at $4,447.20, and the 10-Year Treasury yield is up 4 basis points to 4.84%. Energy and utility stocks are the only sector gainers, while industrials and consumer cyclicals have fallen the most.
Meta Platforms shares jumped this morning as markets reacted positively to its new AI agent, Muse. Apple slipped slightly as investors closely watched its annual event -- the first led by new CEO John Ternus -- where the firm is expected to unveil its first foldable iPhone. Casey's General Stores fell almost 15% despite an earnings beat.
Brent crude surged above $100 per barrel today for the first time since July as tensions in the Middle East escalate again. The renewed strikes in the Gulf put pressure on equities, particularly industrial stocks that rely on oil, as well as riskier assets that will be impacted by higher interest rates. Traders put the probability of a rate increase at over 60% when the Federal Reserve meet next week.