U.S. equities fell on Thursday, as oil prices surged amid escalating conflict in the Middle East, while investors weighed quarterly results from two of the largest companies in the world.
The Dow Jones Industrials slumped 586.65 points, or 1.1%, to 51,631.93.
The S&P 500 gave back 111 points, or 1.5%, to 7,387.96
The NASDAQ Composite plunged 677.23 points, or 2.6%, to 25,009.57
Oil prices put more pressure on stocks, as they soared after Yemen’s Tehran-backed Houthi militant group claimed attacks on two Saudi
Arabian tankers in the Red Sea, fueling concerns about an expansion of the conflict in the Middle East. Prices also moved higher after U.S. President Donald Trump threatened to bomb Iranian infrastructure.
Tesla also dropped more than 14% after the electric vehicle maker posted a big earnings miss for the second quarter. The company’s operating expenses also rose faster than revenue during the period.
Prices also moved higher after U.S. President Donald Trump threatened to bomb Iranian infrastructure.
Prices for the 10-year Treasury fell sharply, raising yields to 4.70% from Wednesday’s 4.66%. Treasury prices and yields move in opposite directions.
Oil prices popped $5.97 to $92.76 U.S. a barrel.
Gold prices gave back $99.20 to $4,052.70 U.S. an ounce.
