Stocks Fall Amid Rising Oil Prices; Meta Rises on AI News
On September 9, major U.S. stock indices were down midday as oil prices surged past $100 per barrel amid rising tensions in the Middle East and concerns over inflation. The S&P 500 fell by nearly half a percent while the Nasdaq Composite dropped more than 0.6%. Energy stocks remained resilient due to higher crude prices, but industrials and consumer cyclicals were among the hardest hit. Meta Platforms saw gains after announcing its new AI agent, Muse, which was well-received in markets. Meanwhile, Apple shares dipped slightly ahead of a product event led by CEO John Ternus. Casey's General Stores dropped nearly 15% despite beating earnings expectations due to broader market pressures and investor sentiment. Gold prices rose as investors sought safe-haven assets amid geopolitical uncertainty. The Federal Reserve is expected to raise interest rates at its next meeting, with traders pricing in a more than 60% chance of an increase.
Topics: Apple Inc. Casey's General Stores inflation concerns Meta Platforms oil prices stock market