Wall Street Stocks Decline as Rising Crude Prices Fuel Inflation Concerns

U.S. stock markets closed lower, with the S&P 500, Dow Jones, and Nasdaq 100 all experiencing declines. This downturn was attributed to a 5% surge in WTI crude oil prices, which intensified inflation worries and pushed 10-year Treasury yields to 4.70%. Firm rhetoric from the Federal Reserve further suggested the likelihood of additional rate hikes.