Stock market today: Dow, S&P 500, Nasdaq fall as oil prices rise, US-Canada trade war escalates
US stock indices including the Dow, S&P 500, and Nasdaq declined as Brent crude oil prices climbed back above $100 a barrel. Market pressure stems from intensifying military strikes between the US and Iran in the Strait of Hormuz and attacks on Saudi oil facilities. Dow futures fell 300 points to start a shortened week. Investors are also reacting to shifted expectations regarding a September Federal Reserve rate hike, while Asian markets show mixed or downward trends in response to the escalating war and rising energy costs.
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- ✓ Brent crude oil prices have risen back above $100 a barrel.
- ✓ US and Iranian forces have engaged in intensifying strikes in the Strait of Hormuz.
- ✓ Dow, S&P 500, and Nasdaq futures have declined amid rising oil prices.
- ✓ Dow futures fell 300 points at the start of a shortened trading week.
What changed
US military strikes on Iranian tankers and targets near Kharg Island have pushed oil prices back above $100 a barrel.
Live updates
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US Stocks Fall as Oil Surges Amid Intensifying US-Iran Conflict
US stock indices including the Dow, S&P 500, and Nasdaq declined as Brent crude oil prices climbed back above $100 a barrel. Market pressure stems from intensifying military strikes between the US and Iran in the Strait of Hormuz and attacks on Saudi oil facilities. Dow futures fell 300 points to start a shortened week. Investors are also reacting to shifted expectations regarding a September Federal Reserve rate hike, while Asian markets show mixed or downward trends in response to the escalating war and rising energy costs.
Why it matters
The Strait of Hormuz is a critical transit point for global oil and gas supplies. Military escalation in this region threatens global energy security and fuels inflation. Persistent supply worries are driving crude prices toward a psychological threshold that threatens the recent growth of US equities.
What is confirmed
- Brent crude oil prices have risen back above $100 a barrel.
- US and Iranian forces have engaged in intensifying strikes in the Strait of Hormuz.
- Dow, S&P 500, and Nasdaq futures have declined amid rising oil prices.
- Dow futures fell 300 points at the start of a shortened trading week.
Still unconfirmed
- The US hit targets near Iran's Kharg Island.
- Iran is looking to expand its control of the Strait of Hormuz.
What to watch next
- Federal Reserve decision on September interest rates
- Further military escalation or ceasefire agreements in the Strait of Hormuz
- Official confirmation of strikes on Kharg Island targets
confidence 90%Sources used for this update (16)
- CBS News — Live Updates: Iran looks to expand control of Strait of Hormuz as oil, gas prices continue to climb
- Bloomberg.com — Stocks in Asia Poised to Edge Down, Yen in Focus: Markets Wrap
- Al Jazeera — Oil prices surge as US-Iran strikes intensify in Strait of Hormuz
- CNBC — Dow futures fall 300 points to start shortened week as oil prices climb: Live updates
- Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq futures slip amid rising oil prices
- WSJ — U.S. Stocks Fall After Saudi Oil Facilities Hit
- WSJ — Oil Near $100 Threatens U.S. Stocks’ Stellar Run
- Financial Times — Oil nears $100 as US launches new strikes on Iranian tankers
- Bloomberg.com — Oil Climbs After Report US Hit Targets Near Iran’s Kharg Island
- CNBC — CNBC Daily Open: Sanctions, strikes and the road to $100 oil
- CNBC — Brent crude nears $100 a barrel as U.S.-Iran tit-for-tat strikes stoke supply worries
- apnews.com — Asian shares are mixed as Brent crude approaches $100 a barrel
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