US Stocks Slump as Crude Oil Prices Soar Amid Escalating Tensions

The US stock market kicked off September on a sour note, with all three major indexes ending in negative territory.

The Dow Jones Industrial Average fell 0.8% or 419.02 points to close at 52,766.88, while the tech-heavy Nasdaq Composite dropped 1% or 271.12 points to finish at 26,099.77.

The S&P 500 was down 0.7% to 7,631.47, with nine out of 11 sectors ending in negative territory.

The surge in crude oil prices following the escalation of tensions between the US and Iran contributed to the decline in stock prices, particularly for energy giants Chevron Corp (CVX) and ExxonMobil Holdings Corp (XOM), which rose 2.4% and 2.2%, respectively.