Stock Market Today: Dow, S&P 500, Nasdaq Tumble as Iran Conflict Sends Oil to 2022 High and Erases Fed Cut Hopes
Stocks tumbled Friday, with the S&P 500 closing down 1.49% after the Iran turmoil sent oil prices to their highest finish since July 2022, feeding persistent inflation concerns. The Nasdaq slid 1.98%, while the Dow gave up 0.92%, preliminary Reuters figures showed. This shift packs a punch as bond yields climb alongside it. Investors aren’t betting on looser policy anymore; now, the focus has swung to possible rate increases. Fed Governor Christopher Waller revealed he’d been set to support a cut this week, but then the oil shock dialed inflation fears up a notch.