Market Indexes Slip to Close Out a Winning, Turbulent August
Crude rose 2.8% and energy stocks gained as traders weighed renewed U.S.-Iran strikes, while the Dow, S&P 500 and Nasdaq all fell.
- On Sunday, American forces struck two Iranian rocket launchers on Larak Island in the Strait of Hormuz, the first acknowledged strike on Iranian soil since late July, prompting Iran to fire back at two American bases in Jordan.
- Geopolitical conflict in the Strait of Hormuz rattled energy markets as tensions between the U.S. and Iran escalated over the weekend, marking the first military exchange in several weeks.
- Brent crude prices jumped about 2.8% back above $90 a barrel, while the Dow Jones Industrial Average dropped more than 370 points as twenty-three of its 30 components fell.
- Traders at Goldman Sachs wrote that the market is exhibiting signs of nervousness, stating, "This attitude toward risk is not just theoretical, investors are quite literally putting their money where their mouth is."
- Manufacturing and services sector data arrive Tuesday and Wednesday, followed by Friday's August jobs report, which will help determine whether the Fed hikes or holds rates on September 16.
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19 Articles
Brent Closes Above US$90 as US-Iran Strikes Resume and Wall Street Slips
ENERGY · MARKETS Key Facts —The price: Brent above US$90 again: Brent crude settled at US$90.49 a barrel on Monday, up 2.7 percent, after the first direct military exchange between the United States and Iran in a month. West Texas Intermediate (WTI), the US benchmark, rose 2.8 percent to US$85.76. —The trigger: US forces struck […] The post Brent Closes Above US$90 as US-Iran Strikes Resume and Wall Street Slips appeared first on The Rio Times.
The three major New York stock indices fell across the board on the 31st (local time) as the U.S. and Iran resumed armed conflict for the first time in about a month. On this day, the Dow Jones 30 Industrial Average closed at 53,185.90, down 374.09 points (0.70%) from the previous close. The Standard & Poor's (S&P) 500 index fell 25.62 points (0.33%) to 7,686.14, and the Nasdaq Composite index fell 31.53
Wall Street closed this Monday in red, but fired August with profits from the technological sector's momentum despite the war in Iran.
The resurgence of hostilities between Washington and Tehran has caused stock market indices to plunge and oil to burst. Inflation fears resurfaced... Read more Wall Street in the red after the American strikes in Iran appeared first on Le Singulier.
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