US stocks close lower: Dow, S&P 500 and Nasdaq end down
US stocks closed lower on Thursday Sept. 10. The Dow Jones Industrial Average fell 316.20 points, to 52,064.46. The S&P 500 dropped 44.56 points, to 7,591.80, while the Nasdaq Composite declined 171.62 points, to 26,081.72.
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08:08:52 PM UTC
SquawkNews
US stock indices closed lower on Thursday as a surge in oil and fuel prices lifted Treasury yields and weighed on corporate margins. The S&P 500 fell 0.6%, the Nasdaq lost 1.1%, and the Dow shed 316 points. Producer prices jumped 0.4% month-over-month in August as the war in Iran lifted wholesale energy prices. Oil and fuel benchmarks have risen further since the start of September amid renewed escalation in the conflict and increased buying from Asia, adding pressure on equities ahead of a possible Federal Reserve rate hike next week. Chipmakers fell amid their exposure to surging long-term borrowing costs, with Nvidia losing 2.3%, Micron tumbling 4.9%, AMD shedding 3.4%, and Intel retreating 5.6%. Oracle fell 5.4% ahead of its earnings report after the bell. Meta (-1.4%) and Palantir (-2.2%) also closed lower. Meanwhile, Apple jumped 3.6% to pare Wednesday’s losses after announcing a series of new products, including the foldable iPhone Duo.
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