US stocks dip as tech giants retreat and oil prices climb
US equities slipped in early trade after reaching record highs, led by declines in major tech firms, while oil edged above $102 a barrel amid Middle East tensions.
US stock indexes opened lower following a session that saw them set new record levels, as leading technology companies such as Nvidia, Google, Microsoft and Facebook dragged the market down. The broad S&P 500, the Nasdaq Composite and the Dow Jones each posted declines in early trading. At the same time, crude oil prices moved above $102 a barrel, driven by ongoing concerns about developments in the Middle East, which analysts said could stoke inflation and prompt additional monetary tightening.
The 10-year Treasury yield rose to its highest level since April 2002, adding to market nervousness. European exchanges, including Oslo, also traded in the red later in the day. Later, SpaceX’s stock slipped after rumors that Elon Musk was seeking to acquire Nvidia AI chips, sending the share price down to $169.
Why it matters
The moves signal how tech stock weakness and rising oil prices could pressure global markets and inflation outlooks.
How this story developed
- Sep 30 Asian markets rally as investors eye US inflation data and bond yields
- Oct 7 Nasdaq closed at a record high and Japan lifted its 10‑year bond coupon to 3.1%.
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