U.S. Stock Indexes Drop as Traders Worry Over Potential Rate Hike; Oil Prices Rise
On Tuesday, September 8, 2026, U.S. stock indexes closed lower at the start of a holiday-shortened week amid concerns over potential Federal Reserve rate hikes following strong jobs data and rising oil prices. The Dow Jones Industrial Average fell by 1.2%, while the S&P 500 dropped 0.6% and the Nasdaq Composite declined 0.3%. Crude oil prices rose after Houthi rebels attacked Saudi energy facilities, pushing Brent crude to nearly $98 a barrel. Investors are closely watching Friday's August Consumer Price Index report for inflation clues that could influence Fed policy decisions. The likelihood of another rate hike at the central bank’s next meeting now stands at 60%, according to CME Group data. Meanwhile, corporate news saw mixed results: Novartis and Amgen shares fell due to disappointing drug trial outcomes, while Intel rose on pricing plans and Corning benefited from a supply deal with Verizon. Software stocks like Salesforce declined sharply as tech-focused ETFs also dropped slightly. In contrast, memory-related equities such as Seagate Technology gained ground.
Topics: Dow Jones Federal Reserve rates Nasdaq Composite oil prices S&P 500