Nasdaq Drops Over 1% Amid Escalating US-Iran Conflict and Crude Price Surge
The US stock market closed lower on September 1, with all three major indices down. The Nasdaq Composite Index fell by 1.03% to 26,099.77 points. The Dow Jones Industrial Average dropped by 0.79% to 52,772.27 points, and the S&P 500 Index declined by 0.71% to 7,631.47 points.
The tech sector was particularly affected, with Nvidia (NVDA) falling by 1.51%, AMD (AMD) dropping by 2.36%, Intel (INTC) declining by 0.60%, and Broadcom (AVGO) slipping by 0.18%. The Philadelphia Semiconductor Index tumbled by 2.14% overall.
In after-hours trading, Dell Technologies (DELL) rose over 8% after the company's second-quarter revenue surged by 58% year-over-year to a record $47 billion, exceeding market expectations of $44.92 billion. Adjusted earnings per share came in at $7.04, beating the expected $4.91.
The US launched new airstrikes against Iran, further escalating the US-Iran military conflict, which drove international oil prices sharply higher. WTI crude topped $90 as concerns over an inflation rebound and a potential rate hike by the Federal Reserve rose.