Wall Street Stocks Plunge on Iran Tensions and Oil Price Surge
Wall Street stocks took a sharp downturn on September 2 as tensions between the US and Iran escalated, causing oil prices to surge past $90 per barrel. The escalation in geopolitical risks, combined with hawkish signals from Federal Reserve officials, fueled concerns over persistent inflation and potential monetary tightening.
The Dow Jones Industrial Average led the declines, shedding 419 points or 0.79% to close at 52,766.88. Chevron was a notable exception, rising 2.35% as oil prices rallied. Other losers included Caterpillar, Home Depot, Goldman Sachs, American Express, Honeywell, and Boeing.
The S&P 500 also fell, down 0.71% to 7,631.47, with nine of the 11 primary sectors ending in negative territory. Consumer discretionary was the worst-performing sector, plummeting 1.89% as higher energy costs threatened consumer spending and travel demand.
The Nasdaq Composite declined 1.03% or 271 points to 26,099.77, with semiconductor stocks leading the declines. Chipmakers such as Nvidia, Advanced Micro Devices, and Micron Technology fell, while Apple rose 2.63% on its first day under new CEO John Ternus.