Finance

Major U.S. stock benchmarks logged back-to-back losing sessions amid persistent macro headwinds. The Dow Jones Industrial Average dropped roughly 131 points, while the S&P 500 and the Nasdaq Composite fell by 0.16% and 0.09% respectively. Despite a brief midday attempt to rebound on tech optimism, final selling pressure pulled all three major indexes below the flatline.

Crude oil prices fluctuated heavily as market participants monitored the ongoing military conflict between the United States and Iran. Sentiment turned cautious after a proposed diplomatic breakthrough and ceasefire regarding the Strait of Hormuz stalled. While Brent crude settled slightly down for the day near $96 a barrel, the prolonged geopolitical instability kept energy prices elevated well above summer baselines.

Comments from New York Fed President John Williams tempered immediate anxieties over aggressive central bank tightening by stating there is no urgency to adjust rates before the October meeting. Following his remarks, market expectations for a quarter-point rate hike next month dipped significantly to 49% from 71%. Investors are now shifting their attention to the upcoming Personal Consumption Expenditures price index report to gauge core inflation trends.