Global markets faced a broad sell-off as investors reacted to rising energy prices, pressure on technology shares and higher borrowing costs in Europe. Oil climbed to $100 a barrel for the first time since May, adding to concerns about inflation and the outlook for consumers and businesses.
In the United States, major technology companies weighed on stock indexes as worries grew over heavy cash use and spending levels among some of the market’s biggest names. That weakness in Big Tech helped pull equities lower and added to the risk-off mood across trading.
Energy was another major driver of the day’s moves. Brent crude surged sharply, with prices jumping around 6% and crossing the $100 mark. A move back into triple digits for oil can unsettle markets because it raises questions about fuel costs, central bank policy and the pace of economic growth.
At the same time, Europe saw borrowing costs rise to long-term highs, another sign of strain across financial markets. With stocks under pressure, oil surging and bond yields climbing, investors were left confronting a more volatile backdrop for the global economy.
