US Stocks Slide Amid Gulf Tensions and Rising Oil Prices
US stocks dipped on Monday following renewed military clashes between the US and Iran. The Gulf conflict sparked concerns over higher crude oil prices, which could contribute to inflationary pressures.
The Dow Jones Industrial Average fell by 350.75 points or 0.65% to 53,209.24, while the S&P 500 shed 30.49 points or 0.40% to 7,681.27. The Nasdaq Composite lost 77.11 points or 0.29% to 26,325.31.
Energy stocks rose following the increase in crude oil prices. Halliburton and Valero Energy climbed by 4.26% and 1.90%, respectively. Chipmakers also gained, with Nvidia shares rising 0.28% and Intel and Texas Instruments gaining 1.21% and 0.9%, respectively.
GameStop stock surged 4.5% after the videogame company announced it would pay about 27% of a previously announced $1.4 billion debt exchange through cash on hand instead of issuing new stock.