🕒 Created

Major stock indexes fell on Tuesday as rising oil prices and geopolitical tensions in the Middle East pressured the markets.

The Dow Jones Industrial Average fell 1.2% to close at 52,786.07, while the S&P 500 dropped 0.6% and the Nasdaq 100 declined 0.1%. The Russell 2000 rose approximately 0.5% during the same period.

Show the rest of this summary

Market pressure was driven by a spike in oil prices following military exchanges between Washington and Tehran, as well as an attack by Iran-backed Houthis on Saudi Arabia. Brent crude settled around $98 a barrel, while West Texas Intermediate crude gained for six consecutive sessions. Investors are now focused on upcoming inflation reports for August, which may influence the Federal Reserve's policy decision during the September meeting. Traders currently see a 59% likelihood of a 25-basis-point rate hike. In corporate news, Qualcomm made a pivotal deal with Amazon.com to develop customized silicon for AI data centers. Additionally, AT&T partnered with Amazon.com to bring satellite internet to business customers. Bloom Energy was also announced to join the S&P 500 index.

Sources

Paywall and unreadable sources