Stocks fall as oil spike rekindles inflation fears, yields rise
Business
Stocks finished lower on Monday as rising oil prices, sparked by global tensions and the related closure of the Strait of Hormuz, rekindled worries about inflation.
Higher oil pushed US Treasury yields up, and investors got more cautious after US Federal Reserve Chair Kevin Warsh stuck to his inflation goals at Jackson Hole.
PG&E plunges 18.2% on wildfire liability
While most sectors struggled, energy companies like Halliburton and Valero actually saw their shares climb thanks to pricier oil. NVIDIA also managed a small gain.
On the flip side, utility stocks were hit hard: PG&E dropped 18.2% over wildfire liability concerns in California.
Overall, more stocks fell than rose on both the NYSE and Nasdaq, showing investors are still pretty nervous about what's next for interest rates.