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The S&P 500 Index is down 1.13%, the Dow Jones Industrial Average is down 1.15%, and the Nasdaq 100 Index is down 1.53% as of today, reflecting a significant market downturn influenced by a spike in crude oil prices, which surged over 13%. This increase follows President Trump’s announcement of intensified military actions against Iran, prolonging concerns over the stability of oil supplies, particularly through the Strait of Hormuz.
In economic news, weekly initial unemployment claims fell by 9,000 to a two-and-a-half-month low of 202,000, defying expectations of a rise to 212,000. Additionally, the February trade deficit narrowed to $57.3 billion, better than the anticipated $60.6 billion. Meanwhile, the 10-year Treasury note yield rose 2 basis points to 4.34%, heightened by inflation fears stemming from soaring crude prices, which are now at a 3.5-week high.
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