Oil Panic: Stocks Fall as SK Hynix Cancels U.S. IPO

Stock markets fell again as oil prices jumped. The rising cost of oil is making investors nervous. Higher oil prices increase costs for businesses and consumers, which can slow economic growth. In related news, SK Hynix has cancelled the U.S. initial public offering (IPO) for its flash-memory subsidiary. An IPO is when a company first sells its shares to the public. The company did not give a reason for the decision. Separately, American Express is cutting 5% of its workforce. The company is reducing its headcount as part of a restructuring plan.