Finance

Major equity indexes plunged dramatically as investors reacted to potential future policy tightening and rising long-term bond yields. The Dow Jones Industrial Average shed more than 1,150 points, down 2.19%, while the S&P 500 and the Nasdaq Composite slid 1.52% and 1.74% respectively. The drop pushed the tech-heavy Nasdaq 100 further into correction territory, down 10% from its June highs.

Global energy markets experienced sharp upward pressure after an Iranian surprise missile attack reengaged direct hostilities between U.S. and Iranian forces. The geopolitical escalation drove Brent crude prices up over 7% to settle above $88 per barrel. The renewed conflict has raised significant anxieties regarding global distribution networks and ongoing transportation costs.

Second-quarter corporate updates provided stark contrasts for investors, with Ford Motor shares rising over 2% after beating expectations and raising its full-year outlook on manufacturing strength. Meanwhile, technology and component suppliers faced deep corrections, with infrastructure firm Vertiv slumping 17% and memory chipmaker SK Hynix missing lofty demand forecasts. Meta Platforms also dragged in extended trading after issuing soft forward revenue guidance.