Higher Oil, Inflation & Yields Sink Stocks
U.S. stocks extended their losing streak to a fourth straight session as a hotter-than-expected producer price report sent Treasury yields to multi-year highs and lifted the probability of a Fed rate hike next week above 70%. WTI crude topped $100 for the first time since May amid an escalation of U.S.–Iran strikes on shipping in the Strait of Hormuz. ASX 200 futures point to a sharp 79-point fall at the open.