The Dow Jones Industrial Average, the S&P 500 and the Nasdaq composite all opened lower Wednesday as Brent crude topped $100 a barrel amid the U.S.-Iran conflict. Apple shares slipped ahead of the company's afternoon iPhone event.
The Dow industrials dropped 0.6% just after Wednesday's open, while the S&P 500 fell 0.3% and the Nasdaq composite lost 0.3% in early trading. The State Street SPDR S&P 500 ETF, ticker SPY, also fell 0.3% after the opening bell, and the Invesco QQQ was down 0.2%.
Brent crude clears $100 a barrel
Crude oil prices climbed as the indices opened lower. West Texas Intermediate futures advanced to around $95.90 a barrel. Brent, the global benchmark, climbed near $100.75 a barrel. The 10-year Treasury yield stayed virtually flat near 4.8%, and bitcoin bounced to roughly $79,400.
Iran said it struck two U.S. Navy destroyers Tuesday, but U.S. Central Command refuted the claim on X, stating: "No U.S. Navy warship has been struck" (according to U.S. Central Command) According to U.S. Central Command, the U.S. military destroyed five Iranian oil tankers Tuesday, in retaliation for the Revolutionary Guard firing ballistic missiles at an American warship twice over the prior two days.
Apple slips ahead of iPhone event
Apple stock fell modestly premarket, threatening to extend its losing streak to three sessions.
The company holds its "Surprise and Shine" event at 1 p.m. ET Wednesday, the first major keynote led by John Ternus as Apple's chief executive. Apple is widely expected to unveil its first foldable iPhone, reportedly called the iPhone Ultra.
Movers inside the stock market
Among Nasdaq-100 stocks, Meta Platforms jumped more than 5% and Lumentum climbed nearly 2%, while Booking and MercadoLibre sold off nearly 6% and more than 3%, respectively. Inside the Dow, Chevron advanced 1.1% and UnitedHealth rallied 1.4%, but Caterpillar and Nvidia declined 0.9% and 0.4%, respectively.
Source: Investor's Business Daily
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