Oil Price Spike Knocks US Stocks Lower

Rising oil prices are putting downward pressure on US stocks, with the S&P 500 falling 0.5% and the Dow Jones Industrial Average dropping 380 points. The Nasdaq composite slipped 0.5%. This comes after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz.

The price for Brent crude oil rose 3.6% to $100.98 a barrel, while US crude jumped 4.2% to $96.26 a barrel. The spread between November and December delivery is significant, suggesting high anxiety over supply after Trump's rejection.

Nvidia shares are an exception, moving higher on a big share buyback authorization and the unveiling of a new security platform.