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The Dow Jones Industrial Average fell on Wednesday as investors continued to eye developments in the U.S.-Iran war and oil prices.
The 30-stock index slumped 500 points to break for lunch Wednesday at 47,206.08.
The S&P 500 index sank 33.62 points to 6,747.86.
The NASDAQ let go of 64.22 points to 22,632.85.
The United Kingdom Maritime Trade Operations also said Wednesday that three cargo ships off Iran’s coast, one of which was in the Strait, have been struck by projectiles.
This comes just days after President Donald Trump said earlier this week that the war will end “very soon.”
The consumer price index increased 2.4% on a year-over-year basis in February. That was in line with what economists polled by Dow Jones anticipated. The report comes after signs of a weakening labor market have grown in recent months.
Oracle shares were a bright spot Wednesday, jumping 10% after the software vendor’s earnings and revenue for the fiscal third quarter exceeded analysts’ expectations. The company also raised its fiscal 2027 revenue forecast.
Prices for the 10-year Treasury lost ground, raising yields to 4.22% from Tuesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices climbed $3.59 to $87.04 U.S. a barrel.
Gold prices dumped $64.20 to $5,177.90 U.S. an ounce.
