Stocks
Stock Market Drops Amid Rising Oil Prices and Tensions
The stock market took a hit on September 8 due to rising crude oil prices and persistent geopolitical tensions. The Dow Jones Industrial Average (^DJI) fell by 1.18% to 52,786, while the S&P 500 (^GSPC) lost 0.58% to 7,674. The Nasdaq Composite (^IXIC) dropped by 0.31% to 26,424.
On a positive note, Intel (INTC) shares climbed as the company plans to raise processor prices by up to 10% to improve its margins. Corning (GLW) also rose after agreeing to supply 80 million miles of high-density optical fiber to Verizon (VZ).
However, Amgen (AMGN) and Novartis (NVS) suffered losses as NVS' pelacarsen injectable failed in a Phase 3 trial. This setback has raised concerns about the potential fate of Amgen's similar treatment, olpasiran.