Oil Prices Fall as Wall Street Faces Second Consecutive Losing Week
Stocks on Wall Street saw some gains on Friday, but the S&P 500 is still heading for its second consecutive losing week. The index rose 0.4% after oil prices fell for the first time in a week, dropping 4.7% to $95.98.
The Dow Jones Industrial Average gained 296 points, or 0.6%, as of 12:47 p.m. Eastern time. However, the Nasdaq slipped 0.1% due to sharp losses from companies like Micron Technology and Broadcom, which fell 5.3% and 1.9% respectively.
The escalation in the U.S. war with Iran continues to weigh on markets, threatening to slow global oil and gas flows. 'If escalation continues and the Strait of Hormuz remains closed, the impact will land on an energy market with far less resilience than in the spring,' wrote Teddy Bunzel, head of geopolitical advisory at Lazard Asset Management.
The U.S. is also increasing its trade war with a fresh round of tariffs on dozens of nations, which could result in hotter inflation and further pressure on stock prices.