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Stock Market Today: Oil Rises, Nasdaq Slips After Fresh Tanker Attack
WSJ • • business
Key Points:
- Oil prices declined from their daily highs after President Trump announced on social media that the U.S. is engaged in "productive discussions" with Iran and will not attack before the midterm elections.
- Despite the drop, Brent crude remains up about 4% on the day, nearing its highest close since mid-September, supported by a tanker attack in the Persian Gulf and production cuts in the Gulf of Mexico due to a hurricane.
- Rising energy prices are negatively impacting U.S. stocks, which have fallen for a second consecutive day, with the Nasdaq composite dropping 1.5%, led by declines in chipmakers Nvidia and Intel amid concerns over OpenAI's revenue outlook.
- Benchmark Treasury yields decreased following Trump's post, with some investors encouraged by a strong 10-year Treasury auction the previous day that helped alleviate market fears.
