Brent’s Four-Year High Pressures U.S. Stocks as Major Indexes Fall

Brent crude’s rise to its highest level since June 2022 weighed on U.S. stocks Friday, with all three major indexes closing lower as investors faced rising energy costs.

Brent gained 3.1% to $116.72 a barrel. The S&P 500 fell 0.5% to 7,623.68, while the Dow dropped 1.2% to 52,215.16. The Nasdaq lost 0.2% to 25,955.34.

Industrial and financial shares were among the weakest. Caterpillar fell 2.4%, and American Express dropped 3.7% even after quarterly profit exceeded analyst expectations. The company also announced large-scale job cuts, its first in nearly a decade.

Higher oil prices have lifted energy costs and prices for gasoline, food and clothing. The coming week includes quarterly results from Alphabet, Microsoft and Amazon, along with U.S. personal consumption expenditures inflation data.