Stocks finished lower across the board after President Trump said the U.S. is reinstating a naval blockade in the Strait of Hormuz, sending oil prices up more than 9%. The tech-heavy Nasdaq snapped a three-day win streak with a 408-point drop as semiconductor stocks struggled, while the Dow shed triple digits and the S&P 500 finished firmly in the red. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), surged off nearly six-month lows, climbing 14.2% for its biggest one-day percentage gain since June 5.
Oil Prices Surge Alongside U.S.-Iran Tensions
As mentioned above, oil prices soared after Trump reimposed a naval blockade in the Strait of Hormuz. August-dated West Texas Intermediate (WTI) jumped 9.4% to settle at $78.14.
Fresh off a weekly loss, gold prices moved lower as Middle East tensions spurred concern over elevated interest rates. August-dated gold futures fell 2.6%, settling at $4,005.70 per ounce.
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