Stock Market Today, July 8: Stocks Slide and Dow Drops 1.5% as Middle East Tensions Spike
At midday, the S&P 500 (SNPINDEX:^GSPC) fell 0.91% to 7,435.81, the Nasdaq Composite (NASDAQINDEX:^IXIC) declined 0.92% to 25,584.75, and the Dow Jones Industrial Average (DJINDICES:^DJI) lost 1.51% to 52,126.81 as renewed U.S.-Iran tensions triggered another oil spike and geopolitical anxiety.
Gold prices fell 1.87% to $4,030.68, and the 10-Year Treasury yield rose 0.06% to 4.59% as of midday. Most sectors fell, with just the energy sector and consumer defensive stocks in the green.
Today's biggest moves
Penguin Solutions, Inc. surged following a significant earnings beat, while Exxon Mobil Corporation rallied as Middle East uncertainty drove crude prices higher. Meanwhile, Intel Corporation dropped over 5% as tech stocks faltered. Leading chipmaker Micron Technology, which has fallen almost 20% in the past five days, showed some signs of paring losses. Navitas Semiconductor Corporation shares tumbled over 9% after a competitor filed a patent infringement lawsuit.
What this means for investors
Geopolitical tensions once again pressured equities this morning amid a reescalation of U.S.-Iran violence. The Dow dropped dramatically as global energy concerns overshadowed corporate news. Energy producers gained as oil prices soared — West Texas Intermediate crude jumped 7.85% to almost $76 a barrel following fresh strikes in the Middle East.
The cautious mood weighed on tech stocks as well, with increasing inflation concerns adding to risk-off sentiment. Artificial intelligence stocks have been struggling, and Samsung Electronics’ earnings on Tuesday were not strong enough to reassure investors.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Micron Technology, and Penguin Solutions. The Motley Fool has a disclosure policy.
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