Oil Surge Pushes Brent Above $100, Apple Shares Weigh on Dow
Volatile oil markets drove Brent futures above $100 and WTI crude up 3.1% to $98.71 per barrel, triggering a fourth-straight day decline for the Dow and third-straight weekly drop for major indexes. Apple's shares weighed on the Dow as lackluster US GDP and inflation readings failed to offset energy-led headwinds.
1. Oil Prices Surge Past $100
Brent futures climbed above $100 per barrel for the first time in recent sessions, while April-dated WTI crude jumped 3.1% to settle at $98.71. Concerns over the Strait of Hormuz closure and constrained tanker traffic underpinned the energy price rally.
2. Major Indexes Record Weekly Declines
The Dow slipped for a fourth consecutive day, and all three major indexes posted a third straight weekly loss as tech shares faltered. Lackluster US GDP growth and persistent inflation readings failed to bolster investor confidence.
3. Apple Shares Add to Dow Pressure
Apple’s stock underperformed peers and was cited as a key drag on the blue-chip index. Its significant weighting amplified the impact of energy-led market headwinds on overall Dow performance.