US Stocks Plummet Amid Middle East Tensions, SpaceX Shares Surge
The US stock market fell on Thursday due to escalating tensions in the Middle East. The Dow Jones Industrial Average dropped 0.85% to 53,885.10, while the Nasdaq Composite and S&P 500 declined by 0.06% and 0.18%, respectively.
Memory chip stocks were among those that suffered losses, with SanDisk down nearly 7% and Western Digital falling over 13%. AppLovin's stock price plummeted 20% after its third-quarter earnings guidance fell short of expectations.
However, SpaceX defied the trend on its lock-up expiration day, closing up more than 6%. The company's stock price surged due to a significant increase in trading volume, with over 250 million shares changing hands.
In the commodities market, escalating tensions in the Middle East boosted oil prices. Brent crude rose by over 4% at one point during the session.