US MARKET CLOSE | US Stocks Fall as Dow Drops Over 600 Points; US Strikes Targets Near Kharg Island

US stocks closed lower on Tuesday, with the Dow Jones Industrial Average falling 1.18%, or more than 600 points, the S&P 500 down 0.58% and the Nasdaq off 0.32%, as Wall Street tracked the US-Iran conflict and escalating US-Canada trade tensions, according to Sina Finance. The US military struck targets near Kharg Island, including an Iranian oil tanker; Iran's Revolutionary Guard Navy said related vessels would become targets in response to the US strike on the Iranian tanker. Among individual stocks, Amgen fell 10.08% and HWM dropped 10.70%, while Intel rose 9.05% and Qualcomm gained 3.17%. Among the "Magnificent Seven," Tesla rose 3.98%, Nvidia fell 2.01%, Meta Platforms slipped 0.53%, Apple lost 1.17%, Google edged down 0.03%, Amazon fell 0.60% and Microsoft declined 1.15%. International oil prices rose on the 8th. At the close, New York Mercantile Exchange light crude futures for October delivery gained $1.55 to settle at $93.03 a barrel, up 1.69%, while London Brent crude futures for November delivery rose 92 cents to settle at $97.92 a barrel, up 0.95%. Over the past month, crude prices have surged sharply amid the ongoing US-Iran war, with traders worried that high energy prices would push up inflation, pressuring Treasury yields higher. Saudi Arabia's energy ministry said several of the country's energy and utility facilities were attacked by Yemen's Houthi forces, causing fires at multiple sites and temporarily disrupting operations at some facilities; the Saudi-led coalition said the attacks on civilian and economic facilities in Abha, Khamis Mushait, Najran and Jazan injured 73 people. The benchmark 10-year Treasury yield climbed last week to its highest since November 2023, while the short-term 2-year yield hit its highest since January 2025. Copper prices in London and New York set record highs on supply-demand tensions and tariff concerns, with analysts citing strong long-term demand from data center construction, grid upgrades, electric vehicles and new energy projects, alongside falling output in major producing nations. The Federal Reserve meets next week; CME FedWatch pricing showed a 60% probability of a 25-basis-point rate hike. Producer price inflation data are due Thursday and consumer price inflation data Friday. Meanwhile, Canada's retaliatory tariffs on about $20 billion of US goods took effect Tuesday, and President Trump said Bombardier's products would be barred from sale in the US unless the Canadian aviation company moved production to American soil.