Stocks continue to barrel toward correction territory, as geopolitical escalation and inflation fears trigger another broad-market selloff. The Dow shed 953 points for its worst single-session decline since April 21, 2025. The blue-chip index breached 50,000 at the close as well. The S&P 500 and Nasdaq each finished sharply lower, with tech stocks the major culprit. As President Donald Trump promises "to attack Iran very hard," Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its highest close since April 7.
Oil Back Above $90 as Gold Extends Slide
Oil prices moved back above $90 as it becomes clear the U.S. is planning more strikes against Iran. July-dated West Texas Intermediate (WTI) gained 2.1% to settle at $90.03 a barrel.
Gold prices fell with hopes for a quick resolution to Middle East tensions. August-dated gold futures lost 3.7% to settle at roughly $4,128.60 per ounce, its worst single-day decline since March 26.
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