Wall Street opens lower as August producer prices spark rate-hike concerns and oil spikes
US stock indexes opened down on Thursday after August producer price data lifted expectations of a rate increase and oil prices rose above $100 a barrel.
At the opening bell, the Dow Jones fell about 0.17%, the S&P 500 slipped roughly 0.55%, and the Nasdaq dropped close to 0.9%. The declines followed hotter-than-expected producer price numbers for August, which have revived speculation that the Federal Reserve may raise rates this month. Meanwhile, tensions in the Middle East pushed crude oil above the $100 per barrel mark, adding pressure on markets.
How this story developed
- Aug 23 Iran readies major fuel price hike amid US sanctions and war pressures
- Sep 7 Pentagon advisers warned that U.S. munitions stocks are low, making a large‑scale strike against Iran unsustainable.
- Sep 7 South Korea announced it is consulting allies while maintaining diplomatic contact with Iran regarding Hormuz security.
- Sep 7 Diesel price rose to $5.85 per gallon, a new national high.
- Sep 7 Brent crude climbed to about $97 a barrel as US‑Iran clashes intensified, and analysts said gasoline prices may ease in October with the shift to winter‑grade fuel.
- Sep 8 The US military said it destroyed five Iranian oil tankers in retaliation for two missile strikes on a US warship over two days.
- Sep 9 Iran launched a missile strike on a Jordanian military base.
- Sep 9 US military says it destroyed five Iranian crude oil carriers following IRGC ballistic missile attacks on a US Navy warship.
- Sep 9 Iran said its forces also engaged two US vessels and eight oil tankers in the Strait of Hormuz.
- Sep 9 Donald Trump said the war with Iran will end immediately after the November midterm elections, arguing Tehran cannot sustain its campaign.
- Sep 10 Oil prices have risen above $95 a barrel amid renewed Middle‑East tensions.
- Sep 10 Projectiles struck Iran's Sirik coast, causing multiple blasts in Minab County and on Qeshm Island.
- Sep 10 New reporting highlights a sharp inflation jump and rising fuel costs, reinforcing expectations of a deposit‑rate increase.
- Sep 10 Trump said the war will cease immediately after the upcoming U.S. midterm elections.
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