US-Iran Tensions Spark Global Market Sell-Off

Stocks took a hit on September 1 as global markets reacted to escalating tensions in the Middle East. The Nasdaq Composite fell 1.03% to 26,100, while the Dow Jones Industrial Average dropped 0.79% to 52,767 and the S&P 500 slipped 0.70% to 7,633.

The tech sector was particularly hard hit, with cybersecurity firms Palo Alto Networks and CrowdStrike Holdings weighed down by recent financial results. Meanwhile, Goldman Sachs Group traders noted increased investor nervousness and cautious risk allocations in response to market volatility.

Crude oil surged 5% as investors took a risk-off stance following the US launch of new strikes on Iran. This caused Treasury yields to creep higher, weighing heavily on tech and growth stocks. Axon Enterprise was the S&P 500's biggest loser, sliding 9%, while Moderna continued its impressive run with a 10% jump.

Value stocks held up better in the market turbulence, with the Invesco S&P 500 Low Volatility ETF declining only 0.2%. Tim Cook stepped down as CEO of Apple to become Executive Chair, with John Ternus taking over as top executive at the $4.6 trillion company.