Stocks Slide on Rising Oil Prices Amid Middle Eastern Tensions
The global stock market took a slight hit on August 11, as rising oil prices weighed heavily on investor sentiment. The Nasdaq Composite (^IXIC) fell 0.60% to 26,445, while the S&P 500 (^GSPC) slipped 0.32% to 7,728 and the Dow Jones Industrial Average (^DJI) lost 0.34% to 53,792.
Energy prices rose again, with WTI crude oil increasing to $83.39 a barrel. The ongoing tension in the Middle East continues to impact markets, as investors await a firm agreement between the US and Iran regarding the Strait of Hormuz.
Several companies reported disappointing earnings, including Upwork, which tumbled 15%, and Entravision Communications Corp, whose shares plummeted over 20%. On the other hand, Nvidia gained in early trading before finishing down just 0.02% as investors weighed its massive $500 billion financing initiative for AI infrastructure.