Stocks Fall as Oil’s Ascent Stokes Inflation Fears: Markets Wrap
- CPI to show pressures quickened in month but slowed over year
- Crude tops $120 as inventory data highlights supply crunch
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US stocks fell after a two-day rally and oil continued its relentless rise, fueling worries about inflation and measures by central banks to contain it.
The S&P 500 ended near session lows, with all but one of the 11 major sectors in the red. The tech-heavy Nasdaq 100 dropped 0.8% after rising as much as 0.5%. Chipmakers were under pressure after Intel Corp.’s chief financial officer said the current quarter wasn’t going as well as expected. The stock fell more than 5% and the Philadelphia Semiconductor Index lost almost 2.5%.