Stocks retreat as U.S. oil prices top $100, threatening economy: Live updates

BREAKING: US stocks retreat as WTI oil closes above $100 a barrel, with the Dow down 400 points, as fears of a prolonged Iran war stoke inflation worries ahead of Friday's key CPI report.

Oil closed above a hundred dollars, and stocks paid for it immediately.

The Dow gave up 400 points on Thursday, with the S&P and Nasdaq both down around two thirds of a percent. West Texas crude settled at 102.48, up almost seven percent in a day, and you can see the mood on the floor here. Not a fun shift. Since the Iran war started in February, oil is up more than fifty percent, and the ten year yield just punched through 4.94, its highest in nearly three years.

The chip stocks that carried this whole bull market took it worst, Intel and Micron each down five percent. Expensive money plus expensive energy is a bad diet for growth stocks.

Everything now hangs on Friday morning's CPI print, six days before the Fed votes. Traders already price a hike at 74 percent. One hot number and that's a coin flip no more.

This is Kateryna Kovalenko, reporting for HIT.