Brent crude hitting $91.52 triggers stagflation fears, dragging the S&P 500 down 0.52% in its steepest August decline.
The S&P 500 fell 0.52% in its worst August session as Brent crude climbed 2.65% to $91.52, stoking stagflation concerns. Futures signal another 0.32% drop today, with market breadth weakening sharply.
Declines spanned all major sectors except energy, with 367 stocks falling—the most since early July. The equal-weighted S&P 500 lost 0.92%, its steepest decline in over a month. European markets also slid, with the CAC 40 down 0.66% and the STOXX 600 posting a fourth straight loss.
Asian markets extended the downturn overnight, reflecting global risk aversion amid rising oil prices and growth fears.