Rising oil prices intensify market anxiety, S&P 500 index still has room for decline

According to a report by Golden Ten Data, Paul Chew from Phillip Securities Research stated that the S&P 500 Index still has further room to decline given the continued rise in oil prices. Since the outbreak of the Middle East conflict, the index has fallen 7.9% from its peak. He pointed out that during the Gulf War and the Russia-Ukraine war, the index recorded declines of 17% respectively. Chew added, "The market still has further downside potential, especially as oil prices continue to rise."