Traders at the New York Stock Exchange, USA. (Photo: THX/VNA)
A widespread sell-off occurred, causing the Cboe index, a measure of market volatility, to record its highest closing price since November last year. Nevertheless, the major indices still ended the session above their daily lows.
Specifically, the Dow Jones Industrial Average fell 403.51 points, or 0.83%, to 48,501.27 points, the Nasdaq technology index dropped 232.17 points, or 1.02%, to 22,516.69 points. The S&P 500 lost 64.99 points, or 0.94%, to 6,816.63 points, after having dropped more than 2% earlier in the session. A worrying sign for the market was the S&P 500 closing below its 100-day moving average for the first time since November 20th.
Iran's threat to attack any ships passing through the Strait of Hormuz, combined with the suspension of production by some Middle Eastern oil and gas producers, has driven up global shipping costs as well as crude oil and natural gas prices. The Strait of Hormuz is a vital choke point, through which approximately one-fifth of global oil consumption is transported.
Investors are concerned that higher oil prices could fuel inflation, further complicating policy decisions for the Federal Reserve, which is already under pressure from rising prices due to tariffs.
However, this session also marked the second consecutive day that stock indices managed to narrow the sharp declines they experienced earlier in the session.
According to Jed Ellerbroek, portfolio manager at Argent Capital, the market's reaction to the conflict so far has been "moderate," suggesting that investor risk appetite hasn't completely disappeared. He noted that software stocks – a group that has been recently sold off – have rebounded. The S&P 500 software and services index rose 1.6% in this session.
Source: https://vtv.vn/chung-khoan-my-giam-manh-100260304075044917.htm
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