Dow Jones plummets! Oil prices surpass $90 amid war concerns and weak US employment data.
March 6, 2569: US and European stock markets fell on Friday, pressured by sharply rising oil prices stemming from the US-Iran conflict. Weaker-than-expected US employment data also fueled investor concerns about the economic outlook and the risk of renewed inflation.
US stock markets plunged as investors worried about rising oil prices and an economic slowdown.
U.S. stock markets closed lower on Friday (March 6, 2569). Pressured by soaring oil prices above $90 per barrel and weaker-than-expected employment figures, investors reduced their holdings of risky assets.
- Dow Jones Industrial Average Closed at 47,501.55 points, down 453.19 points (-0.95%)
- S&P 500 Index Closed at 6,740.02 points, down 90.69 points (-1.33%)
- Nasdaq Composite Index Closed at 22,387.679 points, down 361.307 points (-1.59%)
Data from the U.S. Department of Labor indicates that nonfarm payroll employment decreased by 92,000 positions in February, contrary to economists' expectations of an increase. The unemployment rate rose to 4.4%, raising concerns in the market that the U.S. economy may be slowing down.
In addition, several economic-sensitive sectors, such as industry and tourism, came under pressure following a sharp increase in energy costs.
European stock markets closed lower after oil prices surged due to the ongoing conflict in the Middle East.
European stock markets also closed lower. Following a rapid surge in oil prices due to conflicts in the Middle East, concerns have arisen regarding inflation and energy costs in the region.
- STOXX 600 Index Closed at 598.69 points, down 6.14 points (-1.02%)
- DAX German stock market index Closed at 23,591.03 points, down 224.72 points (-0.94%)
- CAC 40 Index of the French stock market Closed at 7,993.49 points, down 52.31 points (-0.65%)
Investors continue to closely monitor the escalating conflict between the United States and Iran, which could impact the global economy and energy markets.
The UK stock market fell, following the global trend.
The London stock market closed lower on Friday. Amid selling pressure across several industry sectors, investors worried about the impact of soaring energy prices and global economic uncertainty.
- FTSE 100 Index UK Stock Market Closed at 10,284.75 points, down 129.19 points (-1.24%)
The market decline reflects investor caution, as the conflict in the Middle East continues to pressure the global investment climate.
Oil prices surged, breaking through $90, amid concerns of a global supply disruption.
World oil prices surged sharply on Friday. The aftermath of the war in the Middle East poses a risk to energy supply, particularly the transportation of oil through the Strait of Hormuz, a vital global shipping route.
- WTI crude oil price (April delivery) It closed at $90.90 per barrel, up 12.21%.
- Brent crude oil price (May delivery) It closed at $92.69 per barrel, up 8.52%.
Throughout the week, U.S. crude oil prices surged more than 35%, marking the sharpest weekly gain since oil futures trading began in 1983.
Analysts warn that if oil shipments in the Persian Gulf remain disrupted, oil prices could surge to $150 per barrel in the coming weeks.
Gold prices rose after weak U.S. employment data.
Global gold prices rose on Friday. Following weak U.S. labor market data, expectations that the Federal Reserve might cut interest rates in the future have risen. However, gold prices continue to face pressure from a stronger dollar.
- Spot Gold Price Closed at $5,149.14/ounce, up 1.4%.
- Gold price on the COMEX market (April delivery). Closed at $5,158.70/ounce, up 1.6%.
Although gold prices rose on Friday, they are likely to trend downwards throughout the week as a stronger dollar makes gold more expensive for holders of other currencies.
The dollar strengthened due to increased demand for safe-haven assets.
The dollar strengthened this week. Investors are shifting towards safe-haven assets amid tensions in the Middle East and global market volatility.
- Euro/Dollar It's $1.161.
- Dollar/Yen It is 157.83 yen.
- Pound/Dollar It's $1.3358.
The dollar index is on track to rise about 1.4% this week, its largest weekly gain in over a year, as investors closely monitor the ongoing war situation and the Federal Reserve's monetary policy stance.
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