Stocks Slump Amid Inflation Concern; Oil Tumbles: Markets Wrap
Bloomberg
3 days ago
Claire Ballentine and Vildana Hajric
(Bloomberg) -- Stocks fell from record highs, oil slumped and Treasury yields touched some of the highest levels in more than a year amid concern the Federal Reserve risks letting inflation accelerate.
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The rout in risk assets picked up in the afternoon, starting with a selloff in crude. Oil plunged 8% on concern new restrictions in Europe will hamper demand. Two weeks ago it soared past $65 a barrel to the highest in almost two years.
The spike in Treasury yields dented demand for tech shares with high valuations, sending the Nasdaq 100 Index tumbling 3.1%. Swings in asset prices also picked up as they often do around major expirations of options and futures contracts, such as tomorrow’s ‘quadruple witching’ event.