Wall Street Stocks Waver as Oil Prices Fall Amid Escalating Iran Tensions

Stocks on Wall Street finished the week in a mixed state as crude oil prices fell for the first time in a week. The S&P 500 barely budged, rising 3.68 points to 7,411.98, while the Dow Jones Industrial Average rose 235.60 points to 51,947.25. However, the Nasdaq fell 161.87 points to 24,975.82 due to sharp losses from big tech stocks like Micron Technology and Broadcom.

The decline in oil prices follows a week of heavy fighting in the Middle East that threatened to slow the global flow of oil and gas. Brent crude, the international standard, fell 3.9% to US$96.78, down from its recent high above US$100 per barrel. Bond yields also eased, with the yield on the 10-year Treasury falling to 4.68%.

Markets in Europe gained ground, but Asian markets closed lower. The U.S. is also ramping up its global trade war with a fresh round of tariffs on dozens of nations, which could result in hotter inflation and further pressure on household budgets. With the Federal Reserve meeting later this month, investors are worried about the impact to companies' profits.

American Express fell 4.3% despite reporting a jump in profit during its most recent quarter. The company maintained its profit forecast for the year but has been spending more heavily to keep wealthy individuals amid more competition.