Finance

Wall Street indices fell sharply, ending a period of record highs as growing inflation threats and higher borrowing costs weighed heavily on investors. The Nasdaq Composite paced the downturn with a 1.13% loss, while the S&P 500 and Dow Jones Industrial Average dropped 0.75% and 0.68%, respectively. High-growth technology stocks faced pronounced downside, though energy shares managed to buck the trend amidst broader macroeconomic tightening.

International oil prices snapped a five-day losing streak, surging nearly 4% as Brent crude closed above $103 per barrel and West Texas Intermediate rose past $92. The sharp gains followed volatile geopolitical rhetoric at the United Nations General Assembly surrounding Middle East conflicts. Energy supply anxieties were further heightened by potential U.S. diesel export restrictions and lingering pipeline infrastructure disruptions in the Middle East.

The cryptocurrency market witnessed a slight retracement, with Bitcoin dipping toward $85,400 and Ethereum softening above $2,700. Despite the daily dip, digital assets remain positioned near eight-month highs, sustained by recent short squeezes and stable exchange-traded fund inflows. Meanwhile, institutional infrastructure shifts continue as the parent company of the New York Stock Exchange signed an agreement with Blockchain.com to distribute crypto analytics and market data.