Wall Street ends sharply lower as Iran retaliates against Israel attack
14 June 2025 00:41
NEW YORK (REUTERS)Wall Street ended sharply lower on Friday after Iran launched missiles at Israel in response to intensive Israeli strikes on Iran.Oil prices surged nearly 7% on fears the conflict could disrupt crude supply from the Middle East. US energy stocks rose in tandem, with Exxon up 2.2% and Diamondback Energy rallying 3.7%.Airline stocks fell on fears that fuel costs could climb. Delta Air Lines lost 3.8%, United Airlines fell 4.4% and American Airlines declined 4.9%.Defense stocks climbed, with Lockheed Martin, RTX Corporation and Northrop Grumman all gaining over 3%.The S&P 500 declined 1.13% to end the session at 5,976.97 points.The Nasdaq declined 1.30% to 19,406.83 points, while the Dow Jones Industrial Average declined 1.79% to 42,197.79 points.Ten of the 11 S&P 500 sector indexes declined, led lower by financials, down 2.06%, followed by a 1.5% loss in information technology.Volume on U.S. exchanges was 17.9 billion shares traded, compared with an average of 18.2 billion shares over the previous 20 sessions.For the week, the S&P 500 dipped 0.4%, the Nasdaq lost 0.6% and the Dow fell 1.3%. Photoshop maker Adobe fell 5.3% as concerns that the company's pace of AI adoption was too slow overshadowed an increased annual revenue forecast. Oracle jumped 7.7% to a record high, rallying for a second day after the technology company gave an upbeat forecast driven by demand for its AI services.Nvidia dipped 2.1% and Apple lost 1.4%. Visa and Mastercard both fell more than 4% after the Wall Street Journal reported that major retailers are exploring cryptocurrencies that could eliminate the need for payment intermediaries. A tame consumer price report, softer-than-expected producer price data and largely unchanged initial jobless claims earlier this week helped calm investor jitters around tariff-driven price pressures. US Federal Reserve policymakers are widely expected to keep interest rates unchanged at their meeting next week. With investors betting the United States will reach trade agreements that reduce President Donald Trump's steep trade barriers, the S&P 500 is now trading just below its February record highs. The University of Michigan's Surveys of Consumers showed consumer sentiment improved for the first time in six months in June amid trade uncertainty.Declining stocks outnumbered rising ones within the S&P 500 by a 6.1-to-one ratio.
The S&P 500 posted 10 new highs and 6 new lows; the Nasdaq recorded 37 new highs and 131 new lows.
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