S&P 500 Faces Potential Decline Amid Rising Oil Prices

The S&P 500 index may experience further declines as oil prices continue to rise. According to ChainCatcher, Paul Chew from Phillip Securities Research highlighted that since the outbreak of the Middle East conflict, the index has already fallen by 7.9% from its peak. Chew noted that during the Gulf War and the Russia-Ukraine conflict, the index saw declines of 17%. He emphasized that the market still has room for further downward movement, particularly with the ongoing increase in oil prices.