Wall Street slips as oil hits four-year high, ASX set to open lower

Wall Street stocks closed broadly lower as oil prices hit their highest level in over four years, pressuring the market, with the S&P 500 falling 0.5 percent and the Dow dropping 1.2 percent. Brent crude rose 3.1 percent to $116.72 per barrel, surging from under $97 at October's start, while AI-related stocks like Micron and Intel gained to offset some losses. Industrial and financial shares fell, with Caterpillar down 2.4 percent and American Express slumping 3.7 percent. The Australian sharemarket is set to fall 43 points at open, with the dollar at US70.26 cents. Rising oil prices stem from the US war with Iran, and the Fed is expected to hold rates steady next week amid inflation concerns.