Oil Spikes to $90 as U.S. Strikes Iran; Nasdaq Falls 1% to 26,099
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
U.S. stocks fell for a third straight session as military strikes around the Strait of Hormuz sent oil up 5.2% to $90.22 a barrel and pushed bond yields to multi-month highs. The Nasdaq dropped 1.03% to 26,099.77, while the Dow and S&P 500 also declined. The 2-year Treasury yield hit its highest close since January 2025 at 4.392%, and the 10-year reached 4.795%, a 20-month high. The global bond selloff, with Japan's 10-year touching 3% for the first time since 1996, is raising borrowing costs worldwide. Energy inflation is a key driver, with diesel futures more than doubling year-to-date. Cruise lines and airlines have fallen over 30% from 2026 highs. The ISM Manufacturing PMI slowed to 54.6 in August, missing expectations. Notable company news: Apple rose 2.6% on CEO transition, Novartis jumped 6% on positive MS drug data, and Nvidia fell 1.5% despite a $35B Anthropic-Lambda cloud deal. Watch for further escalation in U.S.-Iran hostilities and any Fed response to rising yields.
At the time of this announcement, IXIC was trading at $26,099.77 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.