“`markdown
All three major U.S. indexes fell on Wednesday, with the Dow Jones Industrial Average and Nasdaq Composite declining by 0.9%, while the S&P 500 decreased by 0.8%. This downturn was largely driven by heightened tensions in Iran and instability in the Strait of Hormuz, which temporarily increased oil prices to $119 per barrel before settling around $115.
Nvidia was a significant contributor to this drop, leading declines on both the Nasdaq and S&P 500 with a 1.3% decrease, erasing approximately $50 billion from its market cap of $4.3 trillion. Caterpillar also saw a notable decline, falling 1.9%, reflecting the sensitivity of heavy equipment manufacturers to global economic sentiment and energy costs. These fluctuations are part of a broader trend, as rising oil prices have spiked by 66% since the onset of the Iran conflict.
“`
