Oil Prices Dip as Wall Street Stocks End Week on Mixed Note
Stocks on Wall Street concluded the week in a mixed fashion, as oil prices dipped for the first time this week. The S&P 500 barely budged, rising by just 3.68 points to 7,411.98.
The Dow Jones Industrial Average rose 235.60 points to 51,947.25, while the Nasdaq fell 161.87 points to 24,975.82. This marked the S&P 500's second consecutive losing week since March.
Several tech stocks weighed down the market, with Micron Technology and Broadcom falling by 7% and 2.7%, respectively. The ongoing conflict in the Middle East has been a concern for Wall Street, threatening to slow global oil and gas flows.
The Strait of Hormuz remains closed, which could have significant consequences for energy markets. Lazard's head of geopolitical advisory, Theodore Bunzel, warned that if escalation continues, the impact will be felt by an energy market with less resilience than earlier this year.
Crude oil prices fell 3.9% to $96.78 per barrel, after rising above $100 on Thursday. Brent crude had previously been trading around $72 per barrel before the Iran war began in late February.