Oil Spikes to $96 as War Escalates, Nasdaq Drops 0.64%
IXIC sits 27% above its 52-week low of $20,690.249.
Summary
U.S. stocks extended their decline as Middle East war escalation pushed oil to $96.05 a barrel, up 3.25% and the seventh straight gain, with oil now approaching $100. The Nasdaq fell 168.07 points, or 0.64%, to 26,253.34, while the Dow lost 405.41 points. Treasury yields climbed to multi-year highs, with the 10-year at 4.836% and the 30-year near a 19-year high. The Treasury announced a $6 billion buyback of 10-20 year bonds, exceeding the initial $4 billion estimate, aimed at calming bond markets. This follows a week of losses driven by U.S.-Iran hostilities near the Strait of Hormuz, with oil now up over 12% since late August. The combination of rising oil and yields is pressuring equity valuations, particularly in tech.
At the time of this announcement, IXIC was trading at $26,253.34 on NASDAQ in the Technology 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.