Oil prices surge and stocks fall as Iran escalates shipping attacks
raders work on the floor of the New York Stock Exchange during morning trading on March 10, 2026 in New York City. Stocks continued to slide at the opening due to the war in Iran and oil prices hovering around $90 per barrel. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — Oil prices surged and stocks tumbled worldwide in early trading on Thursday as Iran escalated shipping attacks in a critical tanker route.
Global crude spiked above $100 a barrel on Thursday before settling slightly below that key benchmark. The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation’s petroleum reserve.
A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices.
The Dow Jones Industrial Average fell 550 points, or 1.1%, while the S&P 500 dropped 0.8%. The tech-heavy Nasdaq declined 0.8%.
Oil markets are suffering a major supply shortage due to the near-closure of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
This is a developing story. Please check back for updates.
Money Cash Stocks Decline ( Anton Petrus/Getty Images)
(NEW YORK) — Stocks slid in early trading on Monday hours after reports that the Department of Justice had opened a criminal investigation into Federal Reserve Chair Jerome Powell centered on the central bank leader’s remarks to Congress about an office renovation project.
Powell, who was appointed by Trump in 2017, issued a rare video message rebuking the investigation as a politically motivated effort to influence the Fed’s interest rate policy.
The Dow Jones Industrial Average fell 290 points, or 0.6%, while the S&P 500 fell 0.4%. The tech-heavy Nasdaq declined 0.3%.
The selloff on Monday also appeared to include reaction to a social media post from President Donald Trump advocating for a 10% cap on credit card interest rates for one year. Shares of several major banks fell in early trading.
The DOJ’s criminal probe follows a a monthslong influence campaign undertaken by Trump as he has frequently slammed the Fed for what he considers a reluctance to significantly reduce interest rates.
The criminal probe appears to center on allegations of false remarks made by Powell about a renovation of the Fed’s headquarters during a congressional hearing in June.
Trump has repeatedly denounced Powell for alleged overspending tied to the central bank’s $2.5 billion renovation project. The Fed attributes spending overruns to unforeseen cost increases, saying that its building renovation will ultimately “reduce costs over time by allowing the Board to consolidate most of its operations,” according to the central bank’s website.
Federal law allows the president to remove the Fed chair for “cause” — though no president has ever done so. Powell’s term as chair is set to expire in May, but he can remain on the Fed’s policymaking board until 2028. Powell has not indicated whether he intends to remain on the board.
In an aerial view, two-story single family homes line the streets of neighborhood on January 13, 2026 in Thousand Oaks, California. (Kevin Carter/Getty Images)
(NEW YORK) — The rate on a 30-year fixed mortgage dropped below 6% for the first time in nearly four years, according to new data from Freddie Mac.
Rates have been hovering around 6% this year and averaged 6.76% last February.
“For the first time in three and a half years, the 30-year fixed-rate mortgage dropped into the 5% range, falling even lower than last week’s milestone,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “This rate, combined with the improving availability of homes for sale, is meaningful and will drive more potential buyers into the market for spring homebuying season.”
This is a developing story. Please check back for updates.
Mark Zuckerberg (R), CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. (Anna Moneymaker/Getty Images)
(WASHINGTON) — Mark Zuckerberg is set to testify Wednesday in a landmark Los Angeles trial alleging that major social media platforms were intentionally designed to be addictive for children and teens.
The case, which began last Monday in Los Angeles County Superior Court, centers on claims against Meta — the parent company of Facebook and Instagram — and YouTube, which is owned by Google. Plaintiffs argue the companies knowingly built features that encouraged compulsive use among young users, contributing to long-term mental health harm.
The lawsuit was brought by a now-20-year-old woman identified as “Kaley” and her mother, who allege she was exposed to addictive design features as a child. Her lawyers claim she got hooked on social media apps starting as young as age 6. She says features like auto-scrolling got her addicted to the platforms — ultimately leading to anxiety, depression and body image issues.
In opening statements, the plaintiffs’ attorney Mark Lanier told the jury the case was “as easy as ABC,” which he said stood for “addicting the brains of children.”
The case is the first of more than 1,500 similar lawsuits nationwide to go before a jury, potentially setting a precedent for how tech companies are held liable for product design.
Zuckerberg has appeared before Congress multiple times to address concerns over youth safety and online harms, but Wednesday marks the first time he will testify before a jury on these claims. Legal experts say a verdict in favor of the plaintiff could weaken the broad liability protections tech companies have long relied on under Section 230 of the 1996 Communications Decency Act, which shields platforms from responsibility for user-generated content.(cut)
Several parents of children who died by suicide or accidental harm linked to online trends are expected to attend the proceedings. Some previously watched Zuckerberg apologize during a 2024 Capitol Hill hearing, where he acknowledged families who said social media contributed to their children’s deaths.
The companies deny the allegations, arguing that mental health outcomes are shaped by a range of factors beyond social media use. They say they have implemented safeguards aimed at protecting young users, including parental controls and accounts designed specifically for teens.
In a statement to ABC News at the start of the trial, a Meta spokesperson said, “We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people.”
Meta said that the company has made “meaningful changes” to its services, such as introducing accounts specifically for teenage users.
Zuckerberg’s appearance follows testimony last week from Instagram head Adam Mosseri, who disputed characterizing Instagram use as an “addiction,” while acknowledging what he described as “problematic use.”
Mosseri testified that there’s always a tradeoff between “safety and speech,” saying users don’t like it when they remove options from Instagram.
The Los Angeles trial is part of a broader wave of litigation targeting social media companies. Meta is also facing a separate child safety lawsuit in New Mexico, while lawsuits brought by school districts — modeled after tobacco litigation in the 1990s — are expected to head to trial later this year.
Social platforms Snapchat and TikTok were previously named in the lawsuit but reached settlements with the plaintiffs last month.
