US stocks today: US stocks end lower as rising oil, Treasury yields lift Fed hike bets

US stocks fell as Brent crude surged 6% to $107 a barrel, pushing up Treasury yields to multi-year highs. The expectation of a Federal Reserve rate hike next week has strengthened due to rising energy prices and producer inflation data. This has led to a decline in Nvidia and Micron shares, while Apple gained after launching its latest iPhone. The Fed has been closely watching inflation rates and the impact of the ongoing energy crisis on the economy. The latest producer price index data showed a significant increase, which has led to concerns about the Fed's ability to keep interest rates low. The market is now pricing in a higher chance of a rate hike next week, with the yield curve steepening. The Fed has traditionally used interest rates as a tool to manage inflation and control the economy. Apple's latest iPhone launch has also provided a boost to the tech sector, but the overall market sentiment remains cautious due to the ongoing economic uncertainty. The Fed has a track record of raising interest rates to combat inflation, and investors are now looking for signs of a rate hike next week.