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Stocks Slump Amid Inflation Concern; Oil Tumbles: Markets Wrap

  • Oil drops the most since September while dollar strengthens
  • Nasdaq 100 craters as growth favorites Apple, Tesla fall
Bloomberg business news
WATCH: Morgan Stanley’s Jim Caron sees bond yields settling down later this year.Source: Bloomberg
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Stocks fell from record highs, oil slumped and Treasury yields touched some of the highest levels in more than a year amid concern the Federal Reserve risks letting inflation accelerate.

The rout in risk assets picked up in the afternoon, starting with a selloff in crude. Oil plunged 8% on concern new restrictions in Europe will hamper demand. Two weeks ago it soared past $65 a barrel to the highest in almost two years.