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The combination of a sharp oil price jump and negative company-specific news (AXP job cuts, SK Hynix's shelved IPO) points to broader risk-off sentiment in markets. A rising oil price tends to support crude prices while adding cost pressure that can weigh on broader equity indices.
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US stocks extended their selloff as oil prices surged, with SK Hynix scrapping its planned U.S. IPO for its flash-memory unit and American Express cutting 5% of its workforce.
The combination of a sharp oil price jump and negative company-specific news (AXP job cuts, SK Hynix's shelved IPO) points to broader risk-off sentiment in markets. A rising oil price tends to support crude prices while adding cost pressure that can weigh on broader equity indices.
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