Finance

Wall Street indices slipped for a second consecutive session as equity markets remain heavily burdened by elevated borrowing costs. The Dow Jones Industrial Average dropped roughly 131 points, while the S&P 500 and Nasdaq Composite pulled back by 0.2% and 0.1% respectively, led downward by major banking and energy equities.

The Conference Board reported a sharp monthly decline of 6.7 points in its consumer confidence index, dragging sentiment down to a near 12-and-a-half-year low. Household optimism has soured considerably as a significant portion of income shifts toward elevated utility and gasoline costs linked to ongoing geopolitical friction in the Middle East.

Brent crude futures settled down 2.6% to $102.59 a barrel, while U.S. West Texas Intermediate crude dropped to $89.38 a barrel. The commodity retraced some of its geopolitical risk premium following signs that petroleum exports exiting the Middle East are beginning to recover, easing a global supply crunch.