Oil Prices Fall as Stocks Fluctuate Amid Global Tensions
Stocks on Wall Street are edging higher despite concerns over rising oil prices and new tariffs. The S&P 500 rose 0.1% as of Friday morning, but is still on track for its second consecutive losing week since March.
The Dow Jones Industrial Average increased by 133 points or 0.3%, while the Nasdaq fell 0.5%. Key stocks like Micron Technology and Broadcom weighed down the market with significant losses of 6% and 2.3% respectively.
Crude oil prices declined for the first time in a week, with Brent crude falling 3.5% to $97.19 per barrel. This comes amid increasing pressure from the U.S.-Iran conflict and its impact on global oil supplies.
The Federal Reserve's interest rate policy is also under scrutiny as rising energy costs and fresh tariffs threaten to fuel inflation. The Fed meets later this month, with investors anticipating a potential rate hike by the end of the year, according to CME FedWatch.