US sharemarkets fell on Thursday as oil prices rose and investors monitored developments in the conflict with Iran. The S&P 500 declined 1.74% to close at 6,477.16, while the Nasdaq Composite dropped 2.38% to 21,408.08, entering correction territory and sitting more than 10% below its recent high. The Dow Jones Industrial Average fell 469 points, or 1.01%, to finish at 45,960.11. The S&P 500 fell 1.7% in New York and is on track for a fifth consecutive weekly decline.
Communication services and information technology stocks led declines. Meta Platforms fell 7.9%, while the NYSE Fang+ Index declined 3.1%.
Oil and bond markets
Oil prices increased during the session, with Brent crude rising 5.66% to US$108.01 a barrel and West Texas Intermediate gaining 4.61% to US$94.48. US Treasury yields also moved higher, including the 10-year and 2-year yields.
Australian market outlook
Australian shares are set to open lower this morning, tracking the lead from Wall Street. ASX 200 futures were down 93 points, or 1.09%, to 8,471 after earlier declines.
