U.S. stocks ended lower Thursday after August producer-price data and a 6% jump in Brent crude intensified inflation concerns and raised expectations for a Federal Reserve rate increase at next Wednesday’s policy meeting. Disrupted supply routes through the Strait of Hormuz and Red Sea, amid the U.S.-Israeli war on Iran, pushed Brent to $107 a barrel. Treasury yields climbed to multiyear highs, making equities less attractive and increasing financing costs. Traders put the probability of at least a 25-basis-point hike next week at 70%, up from about 64% before the data, according to CME’s FedWatch tool. The S&P 500 fell 0.58% to 7,592.20, the Nasdaq Composite declined 0.64% to 26,086.19 and the Dow Jones Industrial Average lost 0.60% to 52,067.02. Nvidia and Micron Technology weighed on the S&P 500, while Apple rallied after unveiling a $1,999 iPhone. The S&P 500 is nearly 3% below its Aug. 13 record close but remains up 11% in 2026, trading at 19 times expected earnings, its lowest valuation since April 2025. Investors will focus on Friday’s August consumer-price data. Macy’s fell despite raising its annual forecasts, and American Eagle Outfitters dropped to its lowest level since October after reiterating its annual comparable-sales outlook.