US equity indexes fell while crude oil futures jumped amid reports of strikes in the Strait of Hormu
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US equity indexes fell while crude oil futures jumped amid reports of strikes in the Strait of Hormu
The S&P 500 and the Nasdaq retreated from record highs as oil prices jumped amid signs that the Midd
Oil prices rose sharply and major stock indexes fell as military tensions escalated in the Strait of Hormuz. Fighting in the Iran war flared for the first time in weeks, and strikes on a crucial United Arab Emirates oil port and several ships tested a shaky cease-fire. Futures for Brent crude, the international benchmark, rose 6% to about $114 a barrel.
U.S. stocks fell from their record heights, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran. The S&P 500 fell 0.4% Monday, coming off its latest all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite slipped 0.2%.
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While the S&P 500's decline on reports of escalation in the Middle East has been relatively modest, down about 0.5%, the selling is broad-based. Every sector except for energy was trading lower on Monday afternoon after Brent crude, the international oil benchmark, rose.
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US equity indexes fell in midday trading on Monday amid reports that fighting escalated in the Middl
Oil futures hit their session high in the morning after Iran claimed to have fired shots at a U.S. Navy ship and prevented it from entering the Strait of Hormuz. U.S. Central Command quickly denied that any Navy vessel had been struck and subsequently announced that two U.S.-flagged vessels had successfully transited the Strait. Admiral Brad Cooper later told reporters that Iran had opened fire on U.S. warships, but that Iranian drones and missiles had been shot down, according to multiple media accounts.
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For the first time in weeks, headlines out of the Middle East are driving the stock market. The Dow dropped 530 points, or 1.1%. The S&P 500 fell 0.5%. The Nasdaq slipped 0.4%. The S&P and Nasdaq are pulling back from closing highs on Friday, while the Dow has yet to recover to its highs from earlier in the year.
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US equity indexes retreated in midday trading on Monday as investors weighed military action in the
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The Dow fell 400 points as oil prices spiked again. The Dow was down 417 points, or 0.8%. The S&P 500 was down 0.5%. The Nasdaq was down 0.5%. The S&P and Nasdaq were trading higher earlier in the morning.
Investing.com -- The ongoing Iran conflict has introduced volatility, particularly through higher oil prices and supply chain disruptions. Companies across industries report rising freight and raw material costs, with some supply chains expected to take months to normalize.