Oil Price Drop Weighs on Stocks as Wall Street Heads for Second Consecutive Losing Week
Stocks wobbled on Friday as crude oil prices dipped for the first time in a week, but Wall Street is still heading for its second consecutive losing week since March. The S&P 500 fell by 0.1%, while the Dow Jones Industrial Average rose 76 points or 0.2% as of 9:53 a.m. Eastern time.
The Nasdaq, however, declined by 0.6% due to sharp losses from big stocks like Micron Technology and Broadcom, which fell 5.7% and 2.8%, respectively. These companies have significant market values that tend to weigh heavily on the market.
The decline in oil prices was partly attributed to concerns over a potential slowdown in global oil supply due to heavy fighting in the Middle East. Brent crude, the international standard, fell by 2.8% to $97.89 per barrel. Before the Iran war began in late February, it traded around $72 per barrel.
The escalating US-Iran conflict has put pressure on markets, with the U.S. also ramping up its global trade war through new tariffs on dozens of nations, affecting nearly all U.S. imports.