The rise of oil shakes Wall Street

Last updated 22:30

Wall Street’s main indices remained in the red zone before the end of trading on Tuesday, as concerns about the risk of a return to inflationary pressures returned to the fore after oil prices jumped to their highest level during the new year.

Crude closed today at Highest level since November 11in a development that would certainly complicate the Fed’s mission of bringing inflation back to its 2% target.

On Wednesday, August CPI data will also be released in the US, while producer price and retail sales data will follow on Thursday. The data will be at the heart of the Fed’s analysis ahead of monetary policy decisions next week, but also for the November meeting.

Investors appear cautious ahead of the release of economic data that could stimulate the market’s direction afterwards.

Indicators – statistics

The Dow Jones Industrial Average lost 42.53 points, or -0.12%, to 34,625.72 points, while the broader Standard & Poor’s 500 index lost 27.45 points, or -0.61%, to 4,460.08 points. The Nasdaq technology index fell 144.41 points, or -1.04%, to 13,773.84 points.

Of the 30 stocks that make up the Dow Jones Industrial Average, 14 are moving with a positive sign and 16 are moving with a negative sign. Goldman Sachs Group rose $6.74, or 2.08%, to $331.39, the biggest gainer, followed by Walgreens Boots Alliance, up 1.89% to $21.84, and Chevron, up 1.80% to $166.71.

On the contrary, the biggest losers are Apple (-2.00%), Procter & Gamble (-1.98%) and Microsoft (-1.76%).

Title Apple is in the spotlight as a technology giant introduced its new products todayincluding the new iPhone 15.

The technology giant’s shares lost 5% in the past five sessions after the Chinese authorities decided to restrict the use of the iPhone in government agencies.

Furthermore, Oracle stock fell 13% after announcing quarterly results last night.