Stocks open lower: Dow slides 600 points as oil hits a five-month high
The Nasdaq's losses were more modest, a sign the AI rout could be moderating after Thursday's selloff.
Stocks fell in early Friday trading, with the Dow Jones Industrial Average sliding about 600 points, while the Nasdaq's losses were more modest - a sign that the AI rout could be moderating after Thursday's selloff, the Nasdaq's worst day since June.
Oil kept climbing as worries grew that the U.S.-Iran conflict could soon escalate: Brent crude traded at its highest since early May, above $114 a barrel. The U.S. is sending additional forces to the Middle East, and Iran warned it would strike civilian targets in neighboring countries if the U.S. and Israel restart their air campaign. More in our oil story and our Iran story.
Telecom stocks were among the hardest hit after a report that SpaceX is in talks to build a nationwide wireless network - see our telecom story. The final University of Michigan consumer sentiment reading arrived at 10:00 AM - see our sentiment story. Looking ahead, Microsoft, Alphabet and Amazon report earnings next week, and the Federal Reserve meets, with markets expecting rates to stay unchanged.
