The Dow (DIA) and Nasdaq (QQQ) both dropped over 300 points on Friday, while the S&P 500 (SPY) finished deep in the red as well, firming up weekly losses for all three benchmarks. Another semiconductor selloff weighed on the market today, as well as a sharp post-earnings drop from Netflix (NFLX). Wall Street's "fear gauge," the Cboe Volatility Index (VIX) notched its highest close in almost three weeks, while the small-cap Russell 2000 Index (RUT) marked its third-straight weekly loss as it extends its pullback from record highs.
Oil Prices Surge 16% on the Week
Oil prices ticked higher Friday after Kuwait said Iran attacked a major power and water desalination plant. August-dated West Texas Intermediate (WTI) crude rose 4.5% to settle at $82.49, marking a roughly 16% rise for the week.
August-dated gold futures inched 0.7% higher to $4,015.09 per ounce, still losing roughly 3% for the week as Middle East tensions ramped up. This marked its largest weekly drop in six.
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