The S&P 500 fell 0.6% and the Dow dropped 1.2% as US stocks closed on their lows the day after Labor Day, extending a losing streak that has now run for ten straight years. Nvidia and Amgen led the declines, while separately, oil prices climbed toward $99 a barrel as tensions between the United States and Iran escalated, adding pressure on equity markets sensitive to energy costs.
US stocks closed lower on the day after Labor Day, and the pattern is now a decade old: this marks the tenth year in a row the session has ended in the red. The S&P 500 slipped 0.6%, while the Dow Jones Industrial Average dropped 1.2% and the Nasdaq Composite eased 0.3%. The Russell 2000 also lost 0.3%.
Tech and healthcare lead the declines
Renewed worries about AI weighed on megacap tech names, with Nvidia down 2.1% and MCFT off 1.2%. Healthcare stocks fared worse: Amgen struggled to a 10% decline, and other names in the sector lost 2-3%.
Not every stock joined the retreat, however. Oil companies, Tesla, Intel, AMD and Broadcom outperformed the broader stock market on the day.
Oil climbs as Iran tensions escalate
Away from equities, crude prices moved toward $99 a barrel as tensions between the US and Iran escalated, according to a Bloomberg Markets report cited by Crypto Briefing. Both countries have engaged in military strikes, raising the risk of further instability in the region.
That geopolitical risk has placed additional pressure on US equity markets, which have been sensitive to oil price swings in recent weeks.
Sources: InvestingLive, Crypto Briefing
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