Wall Street Dips as Middle East Uncertainty Lifts Oil Prices
Wall Street's main indexes dropped on Thursday as uncertainty over the Middle East conflict lifted oil prices and Treasury yields, keeping risk appetite in check ahead of a US-China summit.
The S&P 500 lost 24.04 points, or 0.30%, to 7,681.99, while the Nasdaq Composite fell 159.54 points, or 0.58%, to 26,778.64. The Dow Jones Industrial Average was down 208.36 points, or 0.40%, at 51,303.23.
The technology sector led declines on the S&P 500, with chipmakers like Nvidia, Broadcom, and Micron slipping over 1% each. Oracle lost 5.5% after a report said the company sent a 'force majeure' notice to a New Mexico data center.
Shares of Blue Owl, the project's developer, also fell 5%. The energy sector gained 1%, however, with Brent crude prices above $100 a barrel due to Middle East uncertainty.