Stock Market Plummets, Oil Prices Surge
Denver News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Stock markets plummeted today, with the S and P 500 experiencing its worst day since January, marking a fifth consecutive losing week - the longest streak in nearly four years. The Dow Jones Industrial Average dropped 1%, while the Nasdaq composite plunged 2.4%, entering correction territory. Tensions in the Middle East, including Irans restriction of the Strait of Hormuz, drove the sell-off. Brent crude oil surged 4.8% to $111.89 per barrel. Higher oil prices are fueling inflation concerns, pushing the ten-year Treasury yield to 4.42% and increasing mortgage and business loan rates. Wall Street lost hope for Federal Reserve rate cuts this year, with tech giants like Meta and Alphabet bearing the brunt. Global markets also posted losses. As conflict persists and oil remains high, investors anticipate further market volatility.
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