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Stocks pare losses as oil falls back below $100; Dow is down 300 points: Live updates
The Dow Jones Industrial Average fell to start the week as U.S. crude oil moved below $100 a barrel amid rising concerns about a stagflationary environment for the U.S. economy of rising inflation and slowing growth.
The 30-stock index fell 328 points, or 0.7%, and is coming off its biggest weekly slide in nearly a year. The S&P 500 lost 0.2%, while the Nasdaq Composite gained 0.2%. That signifies a meaningful turnaround for the three indexes, as the Dow was down nearly 900 points, or 1.9%, at its low of the day, and the S&P 500 and Nasdaq were each lower by around 1.5%.
The broader market was helped off its lows by a rise in semiconductor stocks. Broadcom jumped more than 4%, while Micron Technology and Advanced Micro Devices gained almost 3% each. Nvidia climbed more than 1%.
JPMorgan Chase warns Iran war could trigger 10% stock market correction
Wall Street has spent the past week treating the Iran war like a nasty headline cycle: alarming and expensive — but maybe still survivable with enough denial and a functioning commodities desk. JPMorgan Chase, though, just gave that anxiety a number.
Bloomberg reported Monday that Andrew Tyler, the bank’s head of global market intelligence, has turned “tactically bearish” and warned that U.S. stocks aren’t prepared for a full correction as the war in Iran drags on and oil hits above $100 a barrel. To Tyler, that means the S&P 500 is at risk of falling about 10% from its peak to roughly 6,270, even as his position stayed predominantly neutral with no extreme de-risking.
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Stocks Tank in Asia as Oil Price Surges
Stocks on Wall Street were modestly lower, while Asian and European markets tumbled.
River Akira Davis reported from Tokyo, Meaghan Tobin from Taipei, Taiwan, and Eshe Nelson from London.
Global markets came under renewed pressure at the start of the week, as surging oil prices stemming from the conflict in Iran weighed on stocks and bonds from New York to Tokyo.
The S&P 500 fell more than 1 percent at the open of trading on Monday, but recouped much of those losses by midday. Monday’s slide came after a drop of more than 2 percent last week, the biggest weekly decline for the benchmark index in about five months.
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