$900 Billion wiped out at opening bell as oil spike jolts Wall Street before markets rebound
&imwidth=600&imheight=450&format=webp&quality=medium "$900 Billion wiped out at opening bell as oil spike jolts Wall Street before markets rebound")
For representative purpose only Photograph: (Unsplash)
US stocks dropped at the open, wiping out $900B as oil surged past $100 amid Middle East tensions, before markets attempted to stabilize
US stocks tumbled at the opening bell on Monday (March 9), wiping out more than $900 billion in market value in early trading as investors reacted to a sharp surge in oil prices and rising geopolitical tensions. Crude oil briefly rose above $100 per barrel, fueling fears that the expanding Middle East conflict could drive inflation higher and weigh on global economic growth. According to reports from Reuters and Yahoo Finance, the Dow Jones Industrial Average fell more than 800 points shortly after the market opened, while the S&P 500 and Nasdaq also dropped sharply as investors moved to reduce risk exposure.
Travel and banking stocks led the declines, with major airline and cruise companies posting steep losses. Energy stocks, however, held up better as higher oil prices supported the sector. The spike in oil prices is being driven by instability linked to the widening Iran conflict, which has disrupted supply expectations and pushed global markets into risk-off mode. Investors are now closely watching whether oil prices continue to climb and whether renewed inflation pressures could force central banks to delay anticipated interest-rate cuts.
Also Read: Anthropic sues Pentagon over AI warfare dispute; seeks to undo 'supply chain risk' designation
Goldman Sachs analysts are warning that even a modest slowdown in economic growth could significantly impact corporate profits, highlighting rising risks for US equities as geopolitical tensions intensify. According to the bank’s analysts, a 1% decline in economic growth could reduce earnings for companies in the S&P 500 by roughly 4%, underscoring how sensitive corporate profits are to changes in the broader economy.
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
Trending Stories
&im=FitAndFill=(700,400))
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
