Stocks dropped Thursday after U.S. oil prices topped $100 a barrel, amid growing fears of higher inflation from a prolonged war in the Middle East. The Dow Jones Industrial Average dropped 201 points, or 0.38%. The S&P 500 fell 0.57%, while the Nasdaq Composite slid 0.95%.

Apple advanced 1.5%, while Nvidia declined more than 1%, Intel shed 3.8% and SK Hynix lost 4%.

Higher oil prices continued to weigh on sentiment, as the war between the U.S. and Iran continued into a seventh month. U.S. West Texas Intermediate futures for October jumped above $100 per barrel. Futures for the international benchmark Brent crude for November delivery spiked above $105 a barrel.

The jump in oil prices pushed the 10-year Treasury yield above 4.9%, the highest level since November 2023.