US indices collapsed at the opening amid a sharp rise in oil prices
Photo: X / NYSE
Major U.S. stock market indices showed a sharp decline at the beginning of the session on April 2 after U.S. President Donald Trump said that the conflict in the Middle East could last another two to three weeks and announced "extremely strong strikes" on Iran, CNBC writes. His speech pushed up oil prices and pressured stocks.
- The S&P 500 broad market index fell 1.4 percent, after adding about 3.7 percent in the three previous sessions.
- The blue-chip index Dow Jones Industrial Average lost 1.3%.
- The tech-heavy Nasdaq Composite collapsed nearly 2%.
- The VIX volatility index, known as the Wall Street fear gauge, jumped 11%, passing the 27-point mark. A level above 30 points is considered a zone of heightened uncertainty and is associated with corrections and recessions.
- June futures for Brent crude oil rose 8% to trade above $109 per barrel. May futures for WTI jumped 13% to $113 per barrel.
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