Dow drops 1100 points as oil jumps on war fears
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- Dow Jones Industrial Average fell 1.4%, or over 700 points, with the S&P 500 and Nasdaq Composite also dropping 1.4% and 1.5% respectively, as war worries intensified after an initial rebound.
- Crude oil prices surged around 6% due to concerns over supply route disruptions, while gold prices reversed a four-day rally, slipping by approximately 4%.
- President Trump fueled fears of a prolonged US involvement, stating the conflict could extend beyond initial projections, adding to market uncertainty.
- MongoDB (MDB) stock plummeted 20% after forecasting Q1 profit below expectations and reporting a deceleration in its Atlas business growth, reflecting broader investor concerns about the 'AI scare trade' impacting software companies.
- Target (TGT) shares rose despite lackluster holiday and full-year sales, as results met Wall Street estimates, indicating some resilience in the retail sector amidst the broader market downturn.
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