AI Stocks Plummet, Oil Prices Surge

0:00Wall Street's hostry kit is snagged today with AI stocks tanking and oil prices surging from the Iran conflict. The S&P 500 dipped 0.4% off its record high. Nasdaq dropped 0.7% while the Dow edged up just 32.0% or 0.1%. AI heavyweights dragged the market down hard. Nvidia fell 1.7%, Oracle 2.6% and Broadcom 3.2%. One while Brent crew for June delivery jumped 2.3% to $110.72 a barrel and July contracts hit $104. Tensions around the straight of Hormuz are keeping tankers bottled up in the Persian Gulf and the US shot down Iran's offer to reopen it in exchange for lifting the blockade that ignores nuclear talks and it's pushing US gas prices to $4.18 a gallon, the highest since 2022. Some bright spots emerged like Coca-Cola surging 5.5% on blowout earnings from China, the

1:05US and India. Oil giants Exxon mobile and Chevron climbed 1.2% and 1.7% and Treasury yields ticked up to 4.36% as consumer confidence held steady. The Fed meets tomorrow likely keeping rates steady amid oil spikes and tariff risks while the Senate eyes confirming Kevin wars to replace the Rome. Overseas, Europe's indexes slipped and Japan's Nikkei fell 1% as its central bank stays put, watching the Middle East closely. Markets aren't edge, staying tuned for what's next. This has been Canada News Today, powered by AI.