Stocks Plummet, Oil Surges: Market Turmoil

0:00From the Daily News Now Network, this is Cory with Sydney News Today. Wall Street Stocks tumbled Thursday as rising oil prices fueled by the war with Iran rattled investors. The S&P 500 dropped 0.7% in mid-day trading, the Dow Jones industrial average fell 764 points, or 1.6%, and the Nasdaq slipped 0.3%. Oil led the charge higher, with Brent Crude jumping 3.8% to $84.52 per barrel. US Benchmark Crude climbed 5.9% to $79.07, pushing gas prices to $3.25. Sense per gallon nationwide, a 9% rise in just a week. Retailers and airlines took the hardest hits, as higher fuel costs, squeeze household budgets, and travel plans. Shares and American Eagle Outfitters plunged 11.8% despite solid earnings, while United Airlines dropped 6% and delta.

1:00Failed 5.5% amidst stranded passengers in the Middle East. Broadcom bucked the trend, gaining 5.5% on blowout profits from AI chips. Meanwhile, 10-year treasure yields rose to 4.14% on inflation fears, potentially delaying federal reserve rate cuts into. Summer Global markets showed mixed signals too. Asian indexes, like South Korea's Cosby, rebounded 9.6% after huge losses, but Europe's CAC 40 and DEX fell around 1.8%. Percent as oil kept surging. A quick thank you to our sponsor of today's episode. Layback, press play, let the pillow do the rest. Sound meets comfort, S-O-L-I. S-O-L-I-Pillow.com.