Stocks drop as oil spikes $90 after US-Israel strike
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- Dow Jones fell nearly 1%, posting its steepest weekly decline since April 2025.
- S&P 500 dropped 1.3% as a disappointing US payrolls report raised concerns about a cooling labor market.
- Nasdaq Composite slid 1.6% amid rising geopolitical tensions and worries about inflation pressures.
- US crude futures surged more than 12% to above $90 per barrel after the United States and Israel carried out military strikes on Iran, halting shipping through the Strait of Hormuz.
- Brent crude climbed about 8.5% to around $92, with analysts warning prices could move toward $100 per barrel if the conflict intensifies.
- India's Nifty fell nearly 3% for the week, marking its biggest weekly drop in over a year, as higher oil prices threaten inflation and corporate margins.
- Pravesh Gour, senior technical analyst at Swastika Investmart, said the Nifty is holding support near 24,300 but remains highly volatile, with a break below that level potentially triggering further downside.
Why it matters: US and Indian investors lose as oil spikes trigger broad equity selloffs, while higher energy costs threaten to lift inflation, widen India’s current‑account deficit and squeeze corporate margins; foreign institutional sellers and a weakening rupee further amplify the market’s downside.
