Stock market today: Dow plunges over 1,100 points, S&P 500 and Nasdaq sink as oil surges amid war worries
- 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.
Global markets plunged as escalating conflict between Israel, the US, and Iran, marked by new air strikes and President Trump's hawkish stance, ignited fears of a prolonged regional war and disrupted oil supplies. This geopolitical turmoil overshadowed mixed corporate earnings and further exacerbated investor anxieties already grappling with the 'AI scare trade' impacting the software sector.
