Wall Street Slumps for Fourth Day as PPI Rises 5.4%; Apple Gains While Nvidia Falls

Wall Street is reporting.

All three major U.S. stock indices closed lower for the fourth consecutive day.

The S&P 500 gave up the 7,600 level, and the Nasdaq fell 0.65%.

By sector, materials dropped 2%, while technology and utilities both declined by 1% range.

As the armed conflict in the Middle East reached extremes, international oil prices surpassed the 100 dollar per barrel mark once again in about three months.

Saudi Arabia's crude oil production plummeted to its lowest level since the 1990 Gulf War in the wake of Houthi rebel attacks on oil refinery infrastructure, while U.S. President Trump raised geopolitical risks by making remarks suggesting that the conflict with Iran could be prolonged.

The Producer Price Index (PPI) for August rose 5.4% compared to the same month last year, slightly exceeding expectations, and the 10-year Treasury yield surged past 4.95% to its highest level since 2023.

The rise in Treasury yields further widened following news that the U.S. Department of the Treasury's buyback amounted to 5.19 billion dollars rather than the 6.0 billion dollars reported the previous day.

Individual stocks showed mixed fortunes.

Major semiconductor stocks such as Nvidia and Micron recorded a downward trend as sell orders emerged, whereas Apple contrasted by rising 3% amid continuing favorable reviews from Wall Street following the unveiling of its first foldable phone.

As attention focuses on the August CPI to be announced on the 11th, the importance of this Consumer Price Index has grown even further since the PPI did not deviate significantly from market expectations.
※ Please note: This article was translated by AI and may contain errors.