Dow, S&P 500 Tumble as Oil Prices Near $100 and Middle East Tensions Escalate

U.S. stocks plummeted on September 8, 2026, as oil prices surged towards $100 per barrel and tensions in the Middle East escalated.

The Dow Jones Industrial Average tumbled 628 points, or 1.2%, to close at 52,786.07. The S&P 500 dropped 45.08 points, or 0.6%, to finish at 7,673.52, while the Nasdaq Composite fell 85.58 points, or 0.3%, to 26,421.41.

The sharp decline came after Brent crude briefly approached $100 per barrel following attacks by Iran-backed Houthi militants on Saudi energy facilities. The oil price gains weighed heavily on investors' concerns about inflation and put pressure on the broader market.

Amgen shares led the decline in health-care stocks, falling around 10% as rival pharmaceutical company Novartis announced disappointing trial news for its experimental cardiovascular drug pelacarsen. This sparked broader concerns about similar treatments and the competitive landscape in cardiovascular medicine.