Wall Street Stocks Dragged Down by Oil Price Slump
Stocks on Wall Street continued to struggle Friday as oil prices fell for the first time in a week. The S&P 500 rose just 0.1 percent, while the Dow Jones Industrial Average added 0.1 percent. However, the Nasdaq composite declined by 0.6 percent, weighed down by sharp losses from big tech companies like Micron Technology and Nvidia.
The recent escalation in the US war with Iran has put pressure on oil prices, which have been rising throughout the week. Brent crude fell nearly 4 percent to settle at $96.51 a barrel, after reaching as high as $102 a day earlier.
Investors are concerned about the impact of higher energy costs on household budgets and company profits. The latest round of corporate earnings showed that companies are still experiencing growth, but concerns are growing about the sustainability of broader profits.