Wall Street’s key stock indices slipped on Thursday, as crude oil prices surged after President Donald Trump suggested more aggressive attacks on Iran.
At 09:50 a.m. ET, the Dow Jones Industrial Average fell 565.37 points, or 1.21%, to 46,000.37, the S&P 500 lost 79.70 points, or 1.21%, to 6,495.60 and the Nasdaq Composite lost 367.70 points, or 1.68%, to 21,473.24.
At the opening bell, the Dow Jones Industrial Average fell 96.4 points, or 0.21%, to 46,469.36. The S&P 500 fell 62.7 points, or 0.95%, to 6,512.61, while the Nasdaq Composite dropped 368.4 points, or 1.69%, to 21,472.523.
On Wednesday, the US President said that military operations would be intensified in the next two to three weeks, in a sharp reversal from his earlier comments that the US will be “out of Iran pretty quickly”.
“The problem is that we didn’t learn anything new. We’re back in a place where we know less, not more, about how we find an off ramp to this war,” said Art Hogan, chief market strategist at B Riley Wealth, according to Reuters.
Crude oil prices surged nearly 7%, taking Brent futures to $108 per barrel.
Key Stock Movers
Energy shares climbed, with Exxon Mobil and Chevron rising over 2% each.
Globalstar stock climbed 10% after a report said Amazon is in talks to acquire the low-earth-orbit communication satellite firm.
Shares of United Airlines, Delta Airlines and American Airlines fell between 4% and 6%.
Blue Owl stock plunged 8% after the company capped the amount investors can withdraw from two of its retail-focused funds.
Stocks of Apollo Global, Blackstone and Ares Management declined between 3.5% and 4.3%.
Stocks of Micron Technology, Lam Research and Sandisk dropped over 3% each.
