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Wall Street stocks fell sharply on Thursday as the escalating conflict in the Middle East pushed crude oil prices above $107 a barrel, while fresh US producer price data for August fuelled expectations of a possible interest rate hike this month. As of 12:24 p.m. Eastern Time, the S&P 500 fell 0.5%, the Dow Jones Industrial Average was down 0.6%, and the Nasdaq Composite was 0.6% lower. At the open, the Dow Jones Industrial Average fell 88.8 points, or 0.17%, to 52291.85. The S&P 500 fell 41.6 points, or 0.55%, to 7594.74, while the Nasdaq Composite dropped 232.3 points, or 0.88%, to 26021.052. Brent crude, the global oil benchmark, climbed above $107 a barrel, while US crude futures moved above $100 for the first time since May. Investors remained concerned about the prolonged US-Iran conflict, with no immediate signs of a resolution. The latest attacks involving the US and Iran have disrupted the flow of oil through the strategically important Strait of Hormuz, raising concerns over global energy supplies. US President Donald Trump said on Wednesday that oil prices were unlikely to decline until after the US midterm elections, adding to uncertainty in financial markets. Higher crude prices have increased fears that rising energy costs could add to inflationary pressures and complicate the Federal Reserve's monetary policy decisions. The sell-off followed losses in major Wall Street benchmarks on Wednesday. The S&P 500 declined 0.5%, while the Dow Jones Industrial Average fell 0.8%. The Nasdaq Composite also ended lower, shedding 0.6%. Investors are now closely watching developments in the Middle East, oil prices and upcoming economic data for clues about the direction of US interest rates. Meanwhile, a new report showed that inflation remains stubbornly elevated at the wholesale level in the US. The latest producer price data for August added to concerns that price pressures may not be easing quickly enough. US Labor Department report showed that the Producer Price Index (PPI) rose 5.4% in August on an annualized basis. The stronger-than-expected inflation reading could influence the Federal Reserve's decision on interest rates this month, with investors assessing whether policymakers may need to keep monetary policy tighter for longer. In the bond market, the yield on the 10-year Treasury rose to 4.91% from 4.83% on Wednesday. Apple shares rose 1.1% a day after the tech giant launched Duo, a folding $1,999 iPhone. Macy's stock fell 2.4% despite the department-store operator raised its annual forecasts after stronger performance at its upmarket Bloomingdale's and Bluemercury chains. American Eagle Outfitters stock plunged 13.2% as the company stuck to its annual comparable sales forecast. Shares of Cooper Cos., which sells contact lenses and fertility products, dropped 14.2% after the firm reported weaker quarterly revenue than analysts expected. Gold prices dropped on Thursday after US inflation data. By 11:14 a.m. EDT (1514 GMT), spot gold slipped 1% to $4,358.09 per ounce, while US gold futures fell 1.4% to $4,400.60. Among other metals, spot silver slid 4.2% to $64.47 per ounce, platinum dropped 4.6% to $1,808.42 and palladium fell 3.9% to $1,300.75. With a distinguished career spanning nearly two decades at the highest levels of financial journalism, Rajendra Kumar Saxena stands as a cornerstone of the editorial leadership team at Livemint.com. In his current capacity as Content Editor, he is responsible for managing the comprehensive editorial lifecycle of the publication. His role is multifaceted, encompassing the strategic selection of high-impact stories, original reporting, and meticulous editing. <br> Furthermore, Rajendra is instrumental in executing a sophisticated Search Engine Optimization (SEO)-driven content strategy, ensuring that the platform's digital content reaches a global audience while maintaining the highest standards of journalistic integrity and accuracy prior to publication. <br> Rajendra’s professional journey is characterized by a profound expertise in a wide array of critical sectors. His analytical depth covers global economics, commodities, and stock market dynamics (across both Indian and United States landscapes). <br> Beyond the financial markets, he possesses a keen understanding of political affairs, banking and finance, foreign affairs, and the rapidly evolving technology sector. <br> His eighteen years journey in financial and business journalism includes a significant tenure at Financialexpress.com and freelance contributions to The Hindu. <br> Currently based in Delhi, Rajendra holds a Master of Journalism degree from the prestigious Makhanlal Chaturvedi National University of Journalism and Communication (MCNUJC). His blend of academic rigor and decades of on-the-ground experience makes him a leading voice in navigating the complexities of today’s financial world. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! 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