Stock Market Midday, Sept. 10: Surging Oil Prices Pressure Markets Again
As of 11:45 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.38% to 7,607, the Nasdaq Composite (NASDAQINDEX:^IXIC) has slipped 0.42% to 26,140, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.49% lower at 52,156 as higher oil prices weigh on markets.
Gold is down 1.09% to $4,412.10, and the 10-Year Treasury yield has climbed to 4.92%, a 10-year high. Utilities and consumer cyclicals saw the biggest sector gains, while basic materials fell.
Today's biggest moves
Apple (NASDAQ:AAPL) gained slightly as investors digested the launch of its new foldable iPhone. AeroVironment (NASDAQ:AVAV) popped after the drone maker announced record revenue and a strong backlog. Macy's (NYSE:M) slipped despite an earnings beat.
What this means for investors
Brent crude reached over $106 a barrel today, as tensions in the Middle East continue to escalate. Oil prices had fallen in recent months on hopes that a peace agreement could be negotiated, but strikes in recent days have further restricted traffic through the Strait of Hormuz. The surge in oil prices put pressure on stocks and bonds, as traders priced in a near 70% likelihood of a Federal Reserve rate hike next week.
The Fed has made it clear that it is committed to curbing inflation, and rate hikes can be an important tool in that mission. Wholesale inflation data released today showed the Producer Price Index grew by 0.4% in August, in line with expectations. Investors will be watching Friday's Consumer Price Index data, as it could influence the Fed's decision.
Investors may have become familiar with this headline-driven market in the initial months of the conflict in Iran. Whatever the headlines are doing, the core philosophy of investing hasn't changed: look for quality stocks and be prepared to hold them for five years or more. It can be hard to hold through the volatility, but that long-term focus is a proven way to build wealth.
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Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends AeroVironment and Apple. The Motley Fool has a disclosure policy.
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