Friday's reprieve was short-lived, as stocks turned lower once again, with all three benchmarks logging their fifth loss in six sessions. The major indexes tied off their session lows, as oil prices and Treasury yields eased from its sharp climb earlier -- though not before the 10-year note topped 5%, its highest level since October 2023. The Dow and Nasdaq still dropped triple digits, while the S&P 500 finished quietly in the red as AI-related stocks came under pressure following Anthropic CEO Dario Amodei's warning about the rapid development of advanced AI models.
Key Pipeline Halt Spikes Crude
Crude oil prices moved higher Monday after Saudi Arabia shut down a key pipeline that bypasses the Strait of Hormuz. West Texas Intermediate crude rose 1.3% to settle at $101.39 per barrel after earlier nearing $105.
Gold prices, meanwhile, fell to a more than one-month low as higher oil prices and hotter-than-expected inflation data fueled expectations for a Federal Reserve rate hike this week. December-dated gold futures dropped 2.2% to $4,311.20 an ounce.
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