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Options trader, left to right, Scott Frinzi, Dave Rushand and Marty Handler, work on the floor of the New York Stock Exchange, Friday, May 1, 2026.

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Wall Street falls from its records and oil prices jump after fighting flares in the Middle East

Wall Street falls from its records and oil prices jump after fighting flares in the Middle East

U.S. stocks fell from their record heights, while oil prices jumped following escalations in the Middle East that may undermine the ceasefire in the war with Iran. The S&P 500 fell 0.4% Monday, coming off its latest all-time high. The Dow Jones Industrial Average dropped 1.1%, and the Nasdaq composite slipped 0.2%. Stocks turned lower after the United Arab Emirates, a U.S. ally, said it came under attack by Iran for the first time since the ceasefire took hold in early April. The attacks appeared to be in response to President Donald Trump’s latest efforts to reopen the Strait of Hormuz.