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Oil Surges To $115, Stocks Slide As Trump Deadline Looms: What's Moving Markets Tuesday?
U.S. equities edged lower on Tuesday as escalating military action in the Middle East and surging oil prices kept investors on the defensive.
President Donald Trump stated that “a whole civilization will die tonight, never to be brought back again,” warning that unless Iran’s leadership agrees to a deal that includes reopening the Strait of Hormuz by 8 p.m. Eastern Time, the U.S. could target key Iranian infrastructure, including power plants and bridges.
WTI crude oil climbed 2.2% to $115 a barrel, reaching levels last seen on March 9 and eyeing the highest closing price since June 2022.
Across U.S. equity markets by midday Tuesday, losses were broad-based, with 9 of 11 S&P 500 sectors trading in negative territory.
The S&P 500 fell 0.5% to 6,581, down roughly 30 points on the session. The Dow Jones Industrial Average shed 235 points, or 0.5%, to 46,435.
The Nasdaq 100 dropped 0.7% to 24,028. Within the Magnificent Seven stocks, Tesla Inc. (NASDAQ:TSLA) fell 3.6%, Apple Inc. (NASDAQ:AAPL) slid 3.8%, and Meta Platforms Inc. (NASDAQ:META) declined 1.0%. Nvidia Corp. (NASDAQ:NVDA) edged down 1.4%, while Microsoft Corp. (NASDAQ:MSFT) fell 0.8%.
The Russell 2000 fell 0.5% to 2,529. Gold held steady at $4,657 an ounce, up 0.1% on the day.
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Source: Benzinga