The Dow Jones Industrial Average dropped 1.09%, or 500 points, while the S&P 500 experienced a minor decline and the tech-heavy Nasdaq saw a slight increase.
US equity markets retreated on Wednesday as the nation continued its military strikes against Iran and the Federal Reserve signaled concerns that could necessitate higher interest rates.
Donald Trump’s announcement at the NATO summit in Ankara that the Iran-US ceasefire is over caused oil prices to surge on Wednesday. Brent crude, the international benchmark, climbed Middle East tensions and strained AI investment. Global growth for 2024 and 2025 had averaged 3.5%.
Although oil prices dropped significantly during the ceasefire, gasoline prices have stayed elevated. According to data, US gas prices at the pump currently average $3.79 per gallon, which is $0.65 per gallon higher than they were a year ago.
