The IEA's plans to release 400 million barrels did not calm supply fears
The war between the U.S. and Iran weighed down sentiment this afternoon, sending crude prices surging once again. Investors quickly set the IEA's plans to release 400 million barrels of oil aside, as three cargo ships were struck off the coast of Iran this morning. The CPI provided little relief, matching expectations with an year-over-year growth of 2.4% in February. As a result, the Dow fell nearly 290 points, the S&P 500 settled quietly lower, and the Nasdaq eked out a small gain as Oracle (ORCL) stock surged.
Continue reading for more on today's market, including:
5 Things to Know Today
- The Trump administration is looking to take the next step in invoking tariffs via trade investigations after the Supreme Court halted efforts last month. (Bloomberg)
- The newest Xbox prototype will be shipped to developers next year, says Microsoft (MSFT). (CNBC)
- How big crude gains tend to impact market performance.
- Turnaround hopes lift struggling blue-chip stock.
- This software stock that just tore up the charts.
Oil Resumes Climb as Gold Prices Cool
Oil prices settled higher, despite the IEA's stockpile release Investors also monitored the ongoing cargo ship attacks off the coast of Iran and on the Strait of Hormuz. April-dated West Texas Intermediate (WTI) crude rose 4.6% to close at $87.25 per barrel.
A rising U.S. greenback combined with circling inflation worries pressured gold prices lower today. April-dated gold futures fell 1.1% to settle at $5,185.20 an ounce.