Nasdaq Drops 1.25% as Oil Spikes on Iran Tanker Attack, AI Profit Doubts
IXIC sits 31% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite fell 345.35 points, or 1.25%, to 27,193.34 as oil surged 3.6% to $91.49 a barrel after Iran struck a vessel near Qatar, threatening Strait of Hormuz traffic. AI profit doubts added pressure on tech shares. Treasury yields declined after a well-subscribed 30-year bond auction, with the 10-year yield at 5.232%. This follows a volatile start to Q4 marked by Middle East escalation and mixed jobs data. The Dow rose 0.1% while the S&P 500 fell 0.47%, highlighting a rotation away from tech.
At the time of this announcement, IXIC was trading at $27,193.34 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.