Stock Market Today, March 10: Oil Prices Drop on G7 Talks
Markets were relatively unmoved after a choppy day of trading. Investors reacted to mixed oil headlines and the Iran conflict went into its 11th day. The S&P 500 (SNPINDEX:^GSPC) slipped 0.21% to 6,781.48, the Nasdaq Composite (NASDAQINDEX:^IXIC) inched up 0.01% to 22,697.10, and the Dow Jones Industrial Average (DJINDICES:^DJI) eased 0.07% to 47,706.51.
Market movers
Oracle (NYSE:ORCL) ended the day down 1.43% at $149.40. However, the stock surged in after hours trading as it reported better-than-expected Q3 revenue and optimistic forecasts after the bell. Memory stocks continued to gain, with Micron Technology (NASDAQ:MU) pushing upwards after announcing a partnership with Applied Materials (NASDAQ:AMAT).
Salesforce (NYSE:CRM) fell on a Bloomberg report that it planned to raise $25 billion to fund share buybacks. BioNTech (NASDAQ:BNTX) dropped 17.88% to finish at $83.89 following disappointing earnings and the announcement that its two co-founders would depart at the end of the year.
What this means for investors
As headlines drive stock volatility, it is important to focus on long term trends. Markets rose in early trading on reports that the war in Iran might end faster than expected. Those gains evaporated during the day, though oil prices continued to dominate sentiment.
The conflict has restricted transport through the Strait of Hormuz and reduced production. Brent crude fell as G7 nations talked to the International Energy Agency about releasing strategic reserves.
Investors will be watching February’s Consumer Price Index data due tomorrow for signs that inflation might be easing. However, it will be too soon to see the impact of elevated oil prices.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Applied Materials, Micron Technology, Oracle, and Salesforce. The Motley Fool recommends BioNTech Se. The Motley Fool has a disclosure policy.
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