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Stocks fall as crude oil jumps and trade tensions weigh on sentiment
The Dow slipped 1.2% to 52,786, while S&P 500 and Nasdaq losses were smaller as company-specific news drove big single-name moves.
U.S. stocks fell across major indexes as rising crude oil prices and ongoing trade tensions pressured investor sentiment, according to Yahoo Finance. The Dow Jones Industrial Average declined 1.18% to 52,786, the S&P 500 dropped 0.58% to 7,674, and the Nasdaq Composite fell 0.31% to 26,424.
In company news, Intel shares rose after the company said it plans to raise processor prices by up to 10% to improve margins. By contrast, Amgen shares slid 10% alongside Novartis after Novartis reported a Phase 3 setback for its pelacarsen injectable, with analysts citing concerns for Amgen’s similar therapy, olpasiran.
Other notable movers included Qualcomm, which gained after signing a major AI chip deal with Amazon, with the agreement giving Amazon the option to buy up to $60 billion in AI data center chips. Casey’s General Store fell 10% after reporting analyst-beating earnings but issuing conservative guidance, as of 5 p.m. ET.
Latest closeWTI crude $97.01 ▲4.3%|S&P 500 7,636.36 ▼0.5%|Nasdaq Comp. 26,253.34 ▼0.6%