Market Highlights

A renewed bout of oil volatility sent stocks lower, with concerns about an escalation in Middle East hostilities outweighing attempts to bring about a pause in the war. Most shares in the S&P 500 retreated, though a gauge of chipmakers bounced after sinking into a bear market. In a volatile session, US crude settled near $83. Worries that higher energy costs could boost inflation spurred bond losses. Gilts sank after new UK Prime Minister Andy Burnham unnerved investors over his approach to the country’s finances. Asian stocks rose for the first time in four days as investors returned to chipmakers, driving a rebound in the sector after the recent selloff. Oil declined.