New York stocks start lower as oil prices break above $100
International oil prices surge amid tensions in the Middle East, and New York stocks open lower With energy stocks strong, market volatility expands. Check the movement of the major indices
As tensions in the Middle East rose and international oil prices climbed above $100 per barrel, major indexes on the New York Stock Exchange opened lower on the 9th (local time).
As of 10:01 a.m., the Dow Jones Industrial Average had fallen 0.68% from the previous session, while the S&P 500 Index and the Nasdaq Composite Index were down 0.28% and 0.32%, respectively. The market views the sharp rise in oil prices as having dampened investor sentiment.
Amid intensifying conflict between the United States and Iran, the U.S. Central Command said it had destroyed five Iranian oil tankers, and Iran's Revolutionary Guard warned of an expansion of maritime control zones in the Strait of Hormuz. By sector, energy and technology stocks showed relative strength, while consumer and financial stocks showed weakness.