US stocks today: Dow slides over 700 points, S&P 500 drops 1.3% as oil briefly nears $120 US stock markets tumbled on Monday as a sharp spike in oil prices following the Middle East conflict rattled investors and raised fears about the resilience of the global economy. The S&P 500 fell 1.3%, marking its worst week since October. The Dow Jones Industrial Average dropped 721 points, or 1.5%, to 9:35 a.m. Eastern time, while the Nasdaq Composite declined 1.2%, according to market data reported by AP. The decline followed even steeper losses across Europe and Asia as investors tracked the surge in crude oil prices after the war involving the United States, Israel, and Iran intensified. The price of Brent crude, the international benchmark, briefly touched $119.50 per barrel, its highest level since the summer following Russia’s invasion of Ukraine in 2022. Prices later eased to $101.76 per barrel, still 9.8% higher than Friday. Meanwhile, US benchmark West Texas Intermediate crude jumped 9.6% to $99.59, after briefly surging to $119.48 per barrel. The sharp rise in oil prices has renewed fears of stagflation, a situation where economic growth stagnates while inflation remains high. Higher fuel costs could strain household budgets already under pressure from inflation and increase operational costs for companies. Markets partly stabilized after reports that major economies may coordinate a response to rising oil prices. Historically, the US stock market has rebounded relatively quickly from geopolitical conflicts, including Russia’s invasion of Ukraine in 2022, provided oil prices do not remain elevated for an extended period. Despite recent volatility, the S&P 500 remains within 5% of the record level reached in January.#dow_jones_industrial_average #s_p_500 #brent_crude #nasdaq_composite #us_stock_markets
