Wall Street closes lower, Dow Jones sheds more than 400 points

US stocks closed lower on Tuesday as rising oil prices amid continued military clashes with Iran fueled inflation concerns, while renewed selling pressure hit global bond markets.

In the first session of September, the Dow Jones Industrial Average fell 0.79%, or 419 points, to 52,766.

The broader S&P 500 declined 0.71%, or 54 points, to 7,631, while the Nasdaq Composite fell 1%, or 271 points, to 26,099.

In Europe, the STOXX Europe 600 fell 0.56% to 647.

The UK’s FTSE 100 declined 0.32% to 10,789, Germany’s DAX fell 1.10% to 25,970, and France’s CAC 40 dropped 0.39% to 8,301.

In Japan, the Nikkei 225 fell 0.15% to 66,215, while the broader TOPIX rose 0.60% to 4,181.

Oil prices rose, with Brent crude futures for November delivery gaining 4.60%, or $4.16, to $94.65 a barrel.

US NYMEX crude futures for October delivery jumped 5.20%, or $4.46, to $90.22 a barrel.

Gold futures for December delivery fell 1.90%, or $85.10, to $4,396.40 an ounce.

What’s behind the market moves?

Rising oil prices and higher bond yields added to the complexity of the global economic outlook, weighing on investor sentiment amid concerns over an escalation of the conflict in the Middle East, as the Federal Reserve is expected to raise interest rates this month.