South Korea · Hong Kong · S&P 500 · Nvidia · Japan · New York · Decrypt
Oil Climbs Above $111 as AI Stocks Slide, Dragging the S&P 500 and Global Markets With Them
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◎ Multiple-sources
Brent crude, the global benchmark price for oil, jumped 2.6% to $111.66 a barrel on Thursday, its highest level in five months, as AI-linked stocks slid and dragged markets lower from Asia to Wall Street.
Key facts
- South Korea's Kospi, the country's benchmark stock index, fell 3.52% to 5,533.77 after a recovery yesterday, while Japan's Nikkei 225 dropped 2.65% and Hong Kong's Hang Seng lost 3.03%
- By mid-morning in New York, the Nasdaq, an index heavy with tech companies, was down 1.5% and the S&P 500, which tracks 500 of the largest US companies, had lost 0.8%
- Brent crude, the global benchmark price for oil, jumped 2.6% to $111.66 a barrel on Thursday, its highest level in five months, as AI-linked stocks slid and dragged markets lower from Asia to Wall
- The Federal Reserve’s next decision comes Oct. 28, with markets pricing roughly a 15% chance of another hike and a December increase still widely expected
Summary
Brent crude rose 2.6% to $111.66 a barrel, its highest in five months, as the Nasdaq fell 1.5% and the S&P 500 lost 0.8% by mid-morning in New York. South Korea's Kospi fell 3.52%, Japan's Nikkei 225 dropped 2.65% and Hong Kong's Hang Seng lost 3.03%, a week after the Kospi's 7.57% plunge on Oct. 15. The 10-year Treasury yield stood at 5.03%, up from 3.97% before the Iran war, with the Fed's next rate decision due Oct. 28. By mid-morning in New York, the Nasdaq, an index heavy with tech companies, was down 1.5% and the S&P 500, which tracks 500 of the largest US companies, had lost 0.8%.