Wall Street stalls as oil rises
The Dow Jones Industrial Average stopped its gains after a strong rally, falling by 0.83%, and the S&P 500 declined by 0.18%. This comes amid investors' anticipation of developments regarding a potential peace agreement between the United States and Iran, especially concerning the passage of ships through the Strait of Hormuz, amid rising tensions between the two sides. Meanwhile, oil prices surged significantly, rising above $77 per barrel, following reports that Iran is considering a law to ban passage for hostile ships, which led European stocks to reach new record lows and Gulf markets to decline amid growing concerns over the resumption of shipping and positive corporate earnings. European markets gained further momentum, while the Japanese Nikkei index fell, impacted by a decline in major technology stocks. SoftBank Group’s profits dropped by 18% in the first quarter, despite recording record investment gains.
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