United States: Stocks Pull Back.

US stocks swung lower on Thursday as a rebound in energy prices rekindled worries of a Federal Reserve rate hike next month. The S&P 500 inched down, the Dow lost 0.7%, and the Nasdaq 100 fell 0.4%. Yields rebounded together with wholesale fuel prices as markets reassessed the likelihood of tanker flows being restored in the Strait of Hormuz. On top of that, a series of hawkish reaction functions claimed by FOMC members were amplified by a report stating Fed Chairman Warsh is willing to hike rates should inflation rise further. Financial stocks edged down with Citi, Wells Fargo, and Amex dropping more than 1%, while credit-sensitive hyperscalers were mostly lower with Alphabet dropping 1%. Meanwhile, Western Digital plummeted 12% after posting a disappointing guidance. Similarly, Sandisk lost nearly 6% as its results failed to meet lofty expectations for memory producers. SpaceX fell rebounded to a 2% gain as $101 billion in its shares are detached from their post-IPO lockup period.