Commodities
Middle East Tensions Send Global Markets Reeling
Global financial markets took a hit on Monday due to escalating tensions in the Middle East. The conflict drove international oil prices sharply higher, breaching the $90-per-barrel mark for US crude and causing inflation worries that sent global bond yields broadly higher.
The Dow Jones Industrial Average fell 419.01 points, or 0.79%, to 52,766.87, while the S&P 500 dropped 54.67 points, or 0.71%, to 7,631.47. The Nasdaq Composite declined 271.11 points, or 1.03%, to 26,099.77.
Rate-sensitive technology stocks bore the brunt of the selling, with Tesla falling over 3% and Google, Amazon, Nvidia, and Microsoft all dropping more than 1%. However, Meta bucked the trend with a gain of over 1%, and Apple rose over 2%.