Stocks plunged and oil prices surged on Friday due to escalating tensions between Israel and Iran, sparking fears of a broader conflict. Global markets experienced significant volatility following reports of Israel’s strikes on Iran’s nuclear program. The Dow Jones Industrial Average dropped more than 700 points, while the S&P 500 and Nasdaq Composite also closed lower. This abrupt downturn reversed the positive momentum of the previous weeks, driven by optimism around trade deals and inflation data.
Amidst the turmoil, oil prices spiked, with West Texas Intermediate futures surging to $73.20 per barrel. Gold prices also rose as investors sought safe-haven assets. Travel and tech stocks were among the hardest hit, with companies like Delta Air Lines, United, and Adobe facing notable declines. Conversely, oil sector stocks saw gains, tracking the rise in crude prices.
Notably, Oracle’s shares soared after the company reported better-than-expected quarterly results and a promising revenue outlook. The tech giant’s success was driven by strong performance in its cloud infrastructure segment, leading to a record high for its stock. On the other hand, Adobe shares slumped despite exceeding Wall Street estimates, as investors expressed concerns about the company’s progress in artificial intelligence.
The U.S. dollar hit a three-year low this week, raising questions about its role as the global reserve currency. Meanwhile, futures pointed to a lower open for major indexes, reflecting the ongoing uncertainty in the markets. As geopolitical tensions persist and economic indicators fluctuate, investors are bracing for continued volatility in the coming days.
Looking ahead, the Federal Reserve is expected to maintain its benchmark interest rate unchanged at the upcoming meeting, as the central bank navigates the challenges of inflation and trade uncertainties. With market conditions evolving rapidly, stakeholders across industries are closely monitoring developments to navigate the shifting landscape of global finance and geopolitics.
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