Stocks Drop on Triple Threat of War Oil & Higher Rates
Wall Street fell on Tuesday as surging oil prices near $100 a barrel, escalating U.S.-Iran hostilities and elevated Fed rate hike bets weighed on sentiment after the Labor Day weekend. The S&P 500 dropped 0.6% with software and health care stocks leading losses, while Brent crude hit a six-week high after Houthi strikes on Saudi energy facilities. ASX 200 futures point to a cautious 0.3% gain after yesterday’s 1% slump.