West Texas Intermediate crude climbed 3.3% to around $91.07 a barrel, while Brent rose 2.9% to roughly $94.10.
On Wall Street, losses were broad-based but concentrated in technology, as concerns over elevated AI-related valuations resurfaced.
The S&P 500 fell 0.9% to 7,319.63, while the Dow Jones Industrial Average dropped about 592 points, or 1.2%, to 50,280.
The Nasdaq 100 was the day’s laggard, sliding 1.4% to 28,670. The small-cap Russell 2000 proved more resilient, slipping just 0.3% to 2,858.65.
Gold extended its sharp pullback, falling 3.1% to around $4,128 an ounce and leaving the metal down nearly 13% so far this month.
In macro news, the annual inflation rate climbed from 3.8% to 4.2% year over year in May, matching expectations and reaching the highest level since April 2023.
Money markets now fully price in a 25-basis-point Fed rate hike by year’s end.
Wednesday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,319.63
-0.9%
Dow Jones
50,280
-1.2%
Nasdaq 100
28,670
-1.4%
Russell 2000
2,858.65
-0.3%
Updated by 12:15 PM ET
According to the Benzinga Pro platform:
The Vanguard S&P 500 ETF (NYSE:VOO) fell 0.9%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slid 1.2%.
The Invesco QQQ Trust (NASDAQ:QQQ) dropped 1.4%.
The iShares Russell 2000 ETF (NYSE:IWM) eased 0.3%.
Read Also:
Inflation Surges To 4.2%, Highest Since April 2023: Wall Street Now Bets On A Fed Hike
