Stocks set for fourth straight decline as oil tops $105, Fed hike odds hit 62%

  • Stocks faced a fourth consecutive daily decline on Thursday.
  • 62% was the market-priced chance of a Fed rate hike before next week’s meeting.
  • Brent crude topped $105 as Iran-US tensions continued in the Middle East.

U.S. stocks were headed for a fourth consecutive decline on Thursday as investors monitored long-dated bond yields, surging oil prices and this week's key inflation print. Markets were pricing in a 62% chance of a Federal Reserve rate hike before policymakers meet next week. The 10-year Treasury yield hovered near 4.91%, while Brent crude futures topped $105 a barrel amid continued Iran-US tensions in the Middle East. Technology stocks fell more than 1%, with NVDA and the Mag 7 (seven major technology companies) declining. Materials, consumer discretionary and industrial shares also dropped. Yahoo Finance readers were watching Apple, Macy's and Cloudflare.

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