Oil Surge, Tech Slump Rattle Markets as Mideast Tensions Persist
U.S. stock markets experienced significant divergence and volatility, driven primarily by soaring oil prices and escalating tensions in the Middle East. The Dow Jones Industrial Average managed to post modest gains, buoyed by energy sectors, while the S&P 500 extended its losing streak to three sessions—its longest since 2022—and the Nasdaq Composite fell further into correction territory. A sharp sell-off in technology and semiconductor stocks, including the 'Magnificent 7' which shed a collective $300 billion, weighed heavily on the indices. The primary catalyst for the market turbulence was a dramatic surge in crude oil prices, with US crude surpassing $100 per barrel and Brent crude climbing above $110 and at times $116. This spike was fueled by the ongoing month-long conflict involving Iran and the U.S., which has critically impacted the vital Strait of Hormuz shipping lane. Market sentiment whipsawed on developments; stocks jumped mid-week on hopes of a U.S.-Iran ceasefire and a pullback in oil, only to tumble again as Iran rejected U.S. terms and former President Trump's remarks on Iranian oil policy rattled Asian markets. Throughout the period, Federal Reserve Chair Jerome Powell attempted to reassure markets amid the volatility. The persistent uncertainty over the geopolitical standoff and its inflationary implications from higher energy costs continued to suppress risk appetite, pushing major indexes to their lowest levels in over six months and confirming a challenging environment for global financial markets.
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S&P 500 extends losing streak, Nasdaq slides, Dow Jones posts modest gains as oil prices rattle Wall Street – here's how US stock market performed today
S&P 500, Nasdaq, Dow Jones today: The S&P 500 faces its third consecutive loss, influenced by falls in tech stocks and rising oil prices, while the Dow Jones reports small gains. Federal Reserve Chair Powell reassures markets amid volatility.
US Stock Market Today | Dow Jones | Nasdaq Live: Dow Jones plunges 792 points, S&P 500 1.7% as Iran war sees escalation; Nasdaq confirms correction - The Economic Times
Dow Jones Today | US Stock Market Live Updates: U.S. stocks tumbled on Friday, with weakness in megacap stocks sending each of the three major U.S. indexes to their lowest closing levels in over six months, as the month-long Middle East war continued to suppress risk appetite.
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