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Stocks close lower, trimming steeper losses as oil retreats

Oil prices fell after Israeli Prime Minister Benjamin Netanyahu said his country is helping with US efforts to open the Strait of Hormuz.

Tasha Matsumoto

The S&P 500 and Nasdaq 100 closed lower, but trimmed steeper losses from earlier in the session after Israeli Prime Minister Benjamin Netanyahu said his country is helping with US efforts to open the Strait of Hormuz. Oil prices retreated from an earlier spike after attacks on Iranian and Qatari energy facilities. The Russell 2000 closed higher.

Energy the was once again the best-performing sector, while materials dropped the most. Every stock in the Magnificent 7 traded lower.

Gold and and silver tumbled as the rolling Iran war energy crisis revived worries about inflation and sank hopes of additional rate cuts.

Bitcoin fell below $70,000 amid inflation fears and a risk-off sentiment in the market, before recovering after Netanyahu’s statements.

Stocks that moved higher:

Stocks that moved lower:

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