Wall Street suffered another sharp selloff Thursday as rising oil prices, surging Treasury yields, and disappointing Big Tech earnings rattled investors. The Dow Jones Industrial Average (DJI), Nasdaq Composite Index (IXIC), and S&P 500 Index (SPX) all finished firmly lower, with Alphabet (GOOGL) and Tesla (TSLA) leading the post-earnings tech rout. Wall Street's "fear gauge," the Cboe Volatility Index (VIX) surged 16.5% for its best daily pop since June 5.
Brent crude topped $100 per barrel after reports of attacks on Saudi oil tankers in the Red Sea and President Trump's continued threats against Iran. Meanwhile, weekly jobless claims unexpectedly fell to 187,000, their lowest level since September 1969.
Oil Prices Surge Amid Geopolitical Tensions
As mentioned above, oil prices surged as fighting escalated in the Middle East. September-dated West Texas Intermediate (WTI) crude rose about 6% to settle at $92.19 per barrel, while Brent crude surged above $100.
Gold prices fell amid renewed inflation concerns and the Middle East conflict. August-dated gold futures dropped 2.5% to $4,047.80 per ounce.
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