Stock Market Slides Amid Ongoing Trade Tensions and Surging Oil Prices
The stock market took a hit on September 8 as rising oil prices and ongoing trade tensions weighed heavily on investor sentiment.
The Dow Jones Industrial Average fell by 1.18% to 52,786, while the S&P 500 dropped 0.58% to 7,674, and the Nasdaq Composite lost 0.31% to 26,424.
A few notable individual stocks made significant moves today. Intel's shares climbed as the company plans to raise processor prices by up to 10% in an effort to boost its margins. Meanwhile, Corning saw a 7% increase after agreeing to supply high-density optical fiber to Verizon for its 'network of the future.'
However, Amgen and Novartis took a hit as Novartis reported a setback in its Phase 3 trial for pelacarsen injectable, a treatment for heart disease that is similar to Amgen's own olpasiran.