US Stocks Open Lower Across the Board; Meta Surges Over 4%, Tesla Gains 1.8%, Apple Edges Down

Tiger Newspress09-09 21:34

Stocks fell on Wednesday as rising oil prices continued to rattle investors by stoking fears of higher inflation.

The Dow Jones Industrial Average dropped 284 points, or 0.54%. The S&P 500 shed 0.27%, while the Nasdaq Composite fell 0.38%.

Meta Platforms, Inc. Surges Over 4%, Tesla Motors Gains 1.8%, Apple Edges Down Ahead of Launch Event.

Oil prices rose as escalating tensions between the U.S. and Iran fuel concerns over further disruptions to Middle East energy supplies. Futures for Brent crude, the international benchmark, added about 3% to trade above $100 a barrel for the first time since July. U.S. West Texas Intermediate futures gained 3% as well to above $95.

The latest rise in oil extends its gain from the prior trading day, which put downward pressure on the three major averages in their first session of a holiday-shortened trading week. Notably, the Dow saw its worst day in almost three weeks.

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