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US stock markets fall amid Iran strikes and potential higher interest rates
Dow down 1.09%, or 500 points, as S&P 500 sees a small loss and tech-heavy Nasdaq rises slightly
US stock markets fell on Wednesday as the US continued strikes on Iran and the Federal Reserve flagged concerns that would warrant higher interest rates.
Donald Trump’s declaration at the Nato summit in Ankara that the Iran-US ceasefire is over sent oil prices sharply higher on Wednesday. Brent crude, the global benchmark, jumped more than 5% to crest $80 a barrel. US stocks fell in step, with the Dow down 1.09%, or 500 points, at closing Wednesday afternoon. The S&P 500 saw a small loss while the tech-heavy Nasdaq rose slightly. Global stocks had fallen earlier in the day, with the UK’s FTSE 100 down 1% as Japan’s Nikkei fell 2.1%.
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S&P 500 futures are little changed as traders assess rising tensions between the U.S. and Iran: Live updates
S&P 500 futures were marginally higher early Thursday after the market sold off on renewed U.S.-Iran tensions and a jump in oil prices.
S&P 500 futures were 0.13% higher. Futures tied to the Dow Jones Industrial Average were up 70 points, or around 0.1%. Nasdaq 100 futures advanced 0.1%.
In Asia, South Korea's Kospi surged on Thursday after falling into a bear market the day before. It advanced 2.88%, while the small-cap Kosdaq gained 3.67%. Japan's Nikkei 225 added 1.88% and the Topix was 0.36% higher. Australia's benchmark S&P/ASX 200 was 0.69% lower.
Hong Kong Hang Seng Index inched 0.16% higher, while mainland China's CSI 300 was flat.
The U.S. launched fresh strikes on Iran in response to Tehran's attacks on commercial shipping in and around the Strait of Hormuz, U.S. Central Command said Wednesday afternoon. West Texas Intermediate crude futures were last up nearly 1%.
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