Middle East Tensions Send Stocks Plunging as Oil Prices Soar

New York stocks plummeted on August 11 as geopolitical tensions in the Middle East escalated and investors grew cautious ahead of the July U.S. Consumer Price Index (CPI) report.

The Dow Jones Industrial Average fell by 184.13 points to close at 53,791.85, while the tech-heavy Nasdaq Composite dropped 159.91 points to 26,445.45.

Rising oil prices weighed heavily on markets, with West Texas Intermediate (WTI) crude futures increasing by 1.3% to $83.20 a barrel, marking four consecutive sessions of gains.

Market participants are closely watching the upcoming CPI report, with many expecting it to show a slowing inflation trend but worried about an upside surprise that could prompt the Federal Reserve to raise interest rates in September.