US stocks fall on inflation concerns

US stocks closed Thursday in the red as higher oil prices fueled inflation concerns, raising the likelihood that the Federal Reserve will keep interest rates higher for longer.

The Dow Jones Industrial Average dropped 0.44% (203 points) to 46,021.

The S&P 500 declined 0.27% (18 points) to 6,606, while the Nasdaq Composite fell 0.28% (61 points) to 22,090.

In Europe, the Stoxx Europe 600 slid 2.4% to 583.64, with losses across most sectors.

The FTSE 100 fell 2.35% to 10,063, Germany’s DAX dropped 2.8% to 22,839, and France’s CAC 40 declined 2% to 7,807.

In Asia, Japan’s Nikkei 225 sank 3.38% to 53,372, while the broader Topix fell 2.9% to 3,609.

In commodities, Brent crude for May delivery rose 1.18% to $108.65 per barrel, while WTI crude for April edged down 0.2% to $96.14.

Gold futures for April plunged 5.9% to $4,605.7 per ounce.

Market drivers: Investors are increasingly concerned that higher oil prices will intensify inflationary pressures, prompting the Fed to maintain restrictive policy for longer.