Financial Markets Wall Street

Oil prices rose following the latest threats to the U.S.-Iran ceasefire, and U.S. stocks retreated from their records. The S&P 500 fell 0.7% Wednesday from its all-time high and snapped a nine-day winning streak. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite sank 0.9%. Oil prices rose roughly 2% after both the United States and Iran said they launched retaliations for earlier attacks or attempted ones. Treasury yields also climbed in the bond market to further crank up the pressure on stocks. The smallest U.S. stocks fell to the sharpest losses.

The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 slumped 2.6% Friday, finishing with its first losing week in the last 10. The Dow Jones Industrial Average fell 695 points, or 1.4%. The Nasdaq composite fell 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected. Oil prices fell.

Wall Street held steadier and recovered some of its sell-off from last week. Oil prices, meanwhile, rose Monday following fighting between Israel and Iran, but they pared their biggest gains. The S&P 500 added 0.3%, coming off its 2.6% drop from Friday that was its worst since October. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite climbed 0.9%. Some of the best performers were companies that sell computer chips, memory and other products fueling the AI boom. They had plunged Friday amid worries that their prices had shot too high amid AI euphoria.