Stock Market Today, Mar. 5: Oil Surge and AI Export Fears Drag Down Major Indexes
The S&P 500 (SNPINDEX:^GSPC) fell 0.58% to 6,829.91, the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.26% to 22,748.99, and the Dow Jones Industrial Average (DJINDICES:^DJI) tumbled 1.61% to 47,954.75 as surging oil prices and Iran-war tensions reignited inflation worries.
Market movers
Nvidia, Lam Research, and Applied Materials retreated after reports of possible new global AI-chip export rules that could require the companies to obtain licenses to export chips worldwide. Meanwhile, The Trade Desk jumped about 18% on a favorable media report, bucking market weakness.
What this means for investors
U.S. crude oil prices jumped 9% today, while natural gas futures rose 4%, as no tangible “de-escalation” took place with the Iran conflict and shipping in the Strait of Hormuz all but stopped. Middle East tensions continue to weigh on global markets, with investors here in the U.S. reassessing risks around inflation, interest rates, growth, and valuation amid the potential for a drawn-out conflict.
One green spot in U.S. markets today came from The Trade Desk, which was previously in the midst of a 79% drawdown from its all-time high. The once high-flying ad-buying platform announced that it was in early discussions to help AI juggernaut OpenAI rollout advertising on its platform. In addition to this potentially positive news, the company also disclosed that its CEO, Jeff Green, had purchased six million TTD shares on the open market -- his first open market buys in years -- offering hope to investors that they might have finally seen the stock’s price bottom out.
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Josh Kohn-Lindquist has positions in Nvidia and The Trade Desk. The Motley Fool has positions in and recommends Applied Materials, Lam Research, Nvidia, and The Trade Desk. The Motley Fool has a disclosure policy.
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