US stocks fall amid Iran tensions
U.S. stocks continued their decline amid escalating tensions in the Middle East between the United States and Iran, leading to higher oil prices and concerns about inflation. Military clashes and Federal Reserve Chairman Kevin Warsh’s reaffirmation of the possibility of interest rate hikes at the upcoming meeting increased market pressures. The Dow Jones, S&P 500, and Nasdaq indexes fell by between 0.34% and 0.65%, although the Dow was on track for its fifth consecutive monthly gain. Disruptions in navigation through the Strait of Hormuz and rising oil prices supported the energy sector, while PG&E’s stock posted its worst performance in over six years. Meanwhile, technology companies such as Nvidia, Sandisk, and Qualcomm benefited from confidence in structural growth.
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