- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
- Haiti reeling after 70 killed in gang attack
- Five Czech kids in hospital over TikTok 'piercing challenge'
- What happens next in Iran-Israel conflict?
- Country star Garth Brooks denies rape accusations
- Stubbs hits maiden century as South Africa make 343-4 against Ireland
- DR Congo to begin mpox vaccination campaign Saturday in east
- Odegaard injury has forced Arsenal to be 'different', says Arteta
- Ratcliffe refuses to guarantee Ten Hag's Man Utd future
- Meta must limit data use for targeted ads: EU court
- Mauritius to hold legislative election on November 10
- Britain qualify for America's Cup final after 60-year wait
- IMF asks Sri Lanka to protect hard-won gains
- Morata returns to Spain Nations League squad after injury
- Irish regulator to probe Ryanair use of facial recognition
- Public allowed to see video evidence in France mass rape trial
- US hiring soars past expectations in sign of resilient market
- Under-fire Ten Hag 'together' with Man Utd hierarchy
- Guardiola talks of Man City love affair as financial hearing rumbles on
- De Bruyne out of Belgium Nations League squad
- Japanese trainer Yahagi hopes Shin Emperor achieves 50-year-old Arc dream
- UK's Starmer hails 'landmark' carbon capture funding
- As EU targets Chinese cars, European rivals sputter
- Bosnia floods kill 14 people
- Tennis world number one Swiatek splits with coach Wiktorowski
US stocks tumble again as oil prices reach multi-year highs
Wall Street stocks tumbled again Wednesday following a volatile session as markets grapple with the prospect of higher interest rates, while oil prices scaled new multi-year highs.
After an up day in European equity markets, Wall Street stocks began the session on positive ground following good results from Procter & Gamble and other companies.
But stocks faltered in the afternoon, falling especially hard in the last hour of trading on weakening sentiment.
The early gains "looked like a good set-up for an equity rebound, but unfortunately, that didn't happen," Briefing.com said. "The inability to rebound from sizable losses deterred risk sentiment, fueling a belief that more downside was ahead."
All three major indices dropped one percent or more in the session, pushing the Nasdaq into a correction -- a decline of greater than 10 percent from its most recent peak.
Stocks have been under pressure for most of 2022 so far as the Federal Reserve has signaled a significant pivot in monetary policy with an accelerated phase-out of stimulus and interest rate cuts.
Investors were spooked Tuesday as the yield on the 10-year Treasury note jumped above 1.85 percent, amid expectations the Fed could hike interest rates as many as four times this year. The rate, a proxy for the interest rate outlook, remained near that level on Wednesday.
World oil prices zoomed to more seven-year peaks on renewed unrest in the crude-rich Middle East, and on expectations of resurgent post-pandemic demand.
The International Energy Agency lifted its forecast for 2022 oil consumption, now seen at 99.7 million barrels per day, above the pre-Covid level.
"If demand continues to grow strongly or supply disappoints, the low level of stocks and shrinking spare capacity mean that oil markets could be in for another volatile year in 2022," the IEA said.
- Key figures around 2125 GMT -
New York - Dow: DOWN 1.0 percent at 35,028.65 (close)
New York - S&P 500: DOWN 1.0 percent at 4,532.76 (close)
New York - Nasdaq: DOWN 1.2 percent at 14,340.26 (close)
London - FTSE 100: UP 0.4 percent at 7,589.66 (close)
Frankfurt - DAX: UP 0.2 percent at 15,809.72 (close)
Paris - CAC 40: UP 0.6 percent at 7,172.98 (close)
EURO STOXX 50: UP 0.3 percent at 4,268.28 (close)
Tokyo - Nikkei 225: DOWN 2.8 percent at 27,467.23 (close)
Hong Kong - Hang Seng Index: UP 0.1 percent at 24,127.85 (close)
Shanghai - Composite: DOWN 0.3 percent at 3,558.18 (close)
Euro/dollar: UP at $1.1351 from $1.1325 late Tuesday
Pound/dollar: UP at $1.3610 from $1.3596
Euro/pound: UP at 83.31 pence from 83.30 pence
Dollar/yen: DOWN at 114.33 yen from 114.61 yen
Brent North Sea crude: UP 1.1 percent at $88.44 per barrel
West Texas Intermediate: UP 1.8 percent at $86.96 per barrel
burs-jmb/cs
L.Carrico--PC