Category: Business

(NEW YORK) — Stocks tumbled on Monday as oil prices climbed in response to the U.S.-Israeli war with Iran.

The Dow Jones Industrial Average fell 460 points, or 0.9%, while the S&P 500 dropped 0.5%. The tech-heavy Nasdaq inched down 0.2%.

The major indexes recovered some of their earlier losses on Monday, however, after oil price hikes cooled. Oil markets settled amid a meeting among Group of Seven (G7) finance ministers about a possible coordinated release from their respective strategic petroleum reserves.

The G7 announced on Monday its decision to forego a release of reserve oil at this time, but markets appeared to view the group as willing to take such action.

The Dow fell as much as 750 points on Monday morning, before paring some of its losses in the afternoon.

Indexes fell worldwide on Monday as the spike in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 0.6%.

Oil prices climbed as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

U.S. crude oil prices hovered at about $95 per barrel on Monday afternoon, which marked a nearly 5% hike. Since a month ago, oil prices have soared a staggering 50%.

Oil prices climbed as high as nearly $120 per barrel overnight, but retreated after the Financial Times reported G7 finance ministers would meet to discuss a possible coordinated release from their respective strategic petroleum reserves.

After the meeting, oil prices fell further but remained higher than where they stood a day prior.

The average price of a gallon of gasoline in the U.S. soared to $3.47 on Monday from $2.99 a week earlier, AAA said.

In a social media post on Sunday night, President Donald Trump downplayed the rise in oil prices.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said.

Soon after the war with Iran began on Feb. 28, U.S.-Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in Tehran. His son Mojtaba Khamenei was chosen on Sunday to succeed him.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Artificial-intelligence firm Anthropic sued the Trump administration on Monday over the Pentagon’s choice to designate it a “supply-chain risk,” legal filings show.

A spokesperson for Anthropic said the legal action “does not change our longstanding commitment to harnessing AI to protect our national security, but this is a necessary step to protect our business, our customers, and our partners.”

A Department of Defense spokesperson told ABC News: “As a matter of Department of War policy, we do not comment on litigation.”

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Stocks tumbled in early trading on Monday as oil prices soared above $100 per barrel in response to the U.S.-Israeli war with Iran.

The Dow Jones Industrial Average fell 720 points, or 1.5%, while the S&P 500 dropped 1.3%. The tech-heavy Nasdaq declined 1.2%.

Indexes fell worldwide on Monday as the spike in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 1.7%.

Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

U.S. crude oil prices topped $100 per barrel on Monday, marking a staggering 54% increase since late last month.

Oil prices climbed as high as nearly $120 per barrel overnight, but retreated after the Financial Times reported Group of Seven (G7) finance ministers would meet to discuss a possible coordinated release from their respective strategic petroleum reserves.

The average price of a gallon of gasoline in the U.S. soared to $3.47 on Monday from $2.99 a week earlier, AAA said.

In a social media post on Sunday night, President Donald Trump downplayed the rise in oil prices.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said.

Soon after the war with Iran began on Feb. 28, U.S.-Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in Tehran. His son Mojtaba Khamenei was chosen on Sunday to succeed him.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The U.S. economy lost jobs in February, marking a major reversal of fortunes for the labor market and nearly erasing all of the job gains delivered a month earlier, government data on Friday showed. The reading came in well below economists’ expectations.

The U.S. lost 92,000 jobs in February, according to the report from the U.S. Bureau of Labor Statistics (BLS), which marked a significant dropoff from 130,000 jobs added in the previous month.

The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.

The new jobs report arrived as markets roil and gasoline prices surge in response to the war with Iran. The Middle East conflict cast fresh uncertainty over the economic outlook.

A hiring cooldown last year prompted interest rate cuts at the Federal Reserve and concern among some observers about the nation’s economic prospects. The U.S. added an average of about 15,000 jobs per month in 2025, U.S. Bureau of Labor Statistics data showed.

Sluggish hiring has coincided with elevated inflation, threatening a period of “stagflation.”

Those economic headwinds helped set the conditions before the outbreak of war with Iran, which spiked oil prices and risked price increases for a host of diesel-fuel transported goods.

The Dow Jones Industrial Average plunged 785 points on Thursday as U.S. crude prices rose to their highest level since June.

Still, the overall economic picture remains mixed.

A government report in February on gross domestic product (GDP) showed the economy grew at a tepid annualized pace of 1.4% over the final three months of 2025. That reading indicated a dramatic cooldown from the strong annualized growth of 4.4% recorded in the previous quarter, U.S. Commerce Department data showed.

Price increases, meanwhile, have softened. In January, inflation fell to 2.4%, its lowest level in nine months. It remains slightly higher than the Federal Reserve’s target rate of 2%.

The Iran war threatens to slow U.S. economic growth since oil-driven price increases could weigh on consumers and businesses, analysts previously told ABC News.

The potential combination of higher inflation and slower growth could also pose a challenge for the Fed, putting pressure on both sides of its dual mandate to manage prices and maintain maximum employment.

If the Fed opts to lower borrowing costs, it could spur growth but risk higher inflation. On the other hand, the choice to raise interest rates may slow price increases but risks a cooldown of economic performance.

The central bank held interest rates steady at its most recent meeting in January, ending a string of three consecutive quarter-point rate cuts. Policymakers will make their next interest-rate decision on March 18.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The Dow Jones Industrial Average plummeted more than 650 points in early trading on Friday as the Iran war continued to spike oil prices.

The Dow fell 657 points, or 1.3%, while the S&P 500 dropped 1.2%. The tech-heavy Nasdaq declined 1%.

In a post on social media on Friday morning, President Donald Trump appeared to rule out a compromise with Iran.

Trump said there would be “no deal with Iran except UNCONDITIONAL SURRENDER!”

Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.

U.S. crude oil prices topped $88 on Friday, marking a staggering 35% increase from a week earlier.

The stock selloff on Friday extended losses from a day earlier, when the Dow closed down 785 points.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The U.S. economy lost jobs in February, marking a major reversal of fortunes for the labor market and nearly erasing all of the job gains delivered a month earlier, government data on Friday showed. The reading came in well below economists’ expectations.

The U.S. lost 92,000 jobs in February, according to the report from the U.S. Bureau of Labor Statistics (BLS), which marked a significant dropoff from 130,000 jobs added in the previous month.

The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.

The new jobs report arrived as markets roil and gasoline prices surge in response to the war with Iran. The Middle East conflict cast fresh uncertainty over the economic outlook.

A hiring cooldown last year prompted interest rate cuts at the Federal Reserve and concern among some observers about the nation’s economic prospects. The U.S. added an average of about 15,000 jobs per month in 2025, U.S. Bureau of Labor Statistics data showed.

Sluggish hiring has coincided with elevated inflation, threatening a period of “stagflation.”

Those economic headwinds helped set the conditions before the outbreak of war with Iran, which spiked oil prices and risked price increases for a host of diesel-fuel transported goods.

The Dow Jones Industrial Average plunged 785 points on Thursday as U.S. crude prices rose to their highest level since June.

Still, the overall economic picture remains mixed.

A government report in February on gross domestic product (GDP) showed the economy grew at a tepid annualized pace of 1.4% over the final three months of 2025. That reading indicated a dramatic cooldown from the strong annualized growth of 4.4% recorded in the previous quarter, U.S. Commerce Department data showed.

Price increases, meanwhile, have softened. In January, inflation fell to 2.4%, its lowest level in nine months. It remains slightly higher than the Federal Reserve’s target rate of 2%.

The Iran war threatens to slow U.S. economic growth since oil-driven price increases could weigh on consumers and businesses, analysts previously told ABC News.

The potential combination of higher inflation and slower growth could also pose a challenge for the Fed, putting pressure on both sides of its dual mandate to manage prices and maintain maximum employment.

If the Fed opts to lower borrowing costs, it could spur growth but risk higher inflation. On the other hand, the choice to raise interest rates may slow price increases but risks a cooldown of economic performance.

The central bank held interest rates steady at its most recent meeting in January, ending a string of three consecutive quarter-point rate cuts. Policymakers will make their next interest-rate decision on March 18.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The U.S. economy lost jobs in February, marking a major reversal of fortunes for the labor market and nearly erasing all of the job gains delivered a month earlier, government data on Friday showed. The reading came in well below economists’ expectations.

The U.S. lost 92,000 jobs in February, according to the report from the U.S. Bureau of Labor Statistics (BLS), which marked a significant dropoff from 130,000 jobs added in the previous month.

The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.

The new jobs report arrived as markets roil and gasoline prices surge in response to the war with Iran. The Middle East conflict cast fresh uncertainty over the economic outlook.

A hiring cooldown last year prompted interest rate cuts at the Federal Reserve and concern among some observers about the nation’s economic prospects. The U.S. added an average of about 15,000 jobs per month in 2025, U.S. Bureau of Labor Statistics data showed.

Sluggish hiring has coincided with elevated inflation, threatening a period of “stagflation.”

Those economic headwinds helped set the conditions before the outbreak of war with Iran, which spiked oil prices and risked price increases for a host of diesel-fuel transported goods.

The Dow Jones Industrial Average plunged 785 points on Thursday as U.S. crude prices rose to their highest level since June.

Still, the overall economic picture remains mixed.

A government report in February on gross domestic product (GDP) showed the economy grew at a tepid annualized pace of 1.4% over the final three months of 2025. That reading indicated a dramatic cooldown from the strong annualized growth of 4.4% recorded in the previous quarter, U.S. Commerce Department data showed.

Price increases, meanwhile, have softened. In January, inflation fell to 2.4%, its lowest level in nine months. It remains slightly higher than the Federal Reserve’s target rate of 2%.

The Iran war threatens to slow U.S. economic growth since oil-driven price increases could weigh on consumers and businesses, analysts previously told ABC News.

The potential combination of higher inflation and slower growth could also pose a challenge for the Fed, putting pressure on both sides of its dual mandate to manage prices and maintain maximum employment.

If the Fed opts to lower borrowing costs, it could spur growth but risk higher inflation. On the other hand, the choice to raise interest rates may slow price increases but risks a cooldown of economic performance.

The central bank held interest rates steady at its most recent meeting in January, ending a string of three consecutive quarter-point rate cuts. Policymakers will make their next interest-rate decision on March 18.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The Dow Jones Industrial Average plunged 900 points on Thursday as the war with Iran escalated and oil prices continued to climb.

The Dow fell 908 points, or 1.8%, while S&P 500 dropped 1%. The tech-heavy Nasdaq declined 0.9%.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — The Dow Jones Industrial Average plunged more than 1,000 points in early trading on Tuesday as the ongoing U.S.-Israeli war with Iran prompted a major selloff.

The Dow fell 1,075 points, or 2.2%, while the S&P 500 dropped 2%. The tech-heavy Nasdaq plummeted 2%.

Investor reaction on Tuesday sharply departed from the muted response a day earlier, when the major indexes closed essentially flat.

Oil prices, meanwhile, spiked for the second consecutive day as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.

The national average price of gasoline in the U.S. soared about 11 cents overnight to $3.11, AAA said on Tuesday.

President Donald Trump announced “major combat operations” against Iran on Saturday, with daytime strikes in the joint U.S.-Israel attack targeting military and government sites, officials said.

On Sunday, Iranian state television confirmed that Ayatollah Ali Khamenei was among those killed by airstrikes in Tehran.

Iran is responding to the U.S.-Israeli operation with missile and drone attacks targeting Israel, regional U.S. bases and Gulf nations. American diplomatic facilities have also been attacked.

U.S. Treasury yields ticked higher on Tuesday, suggesting possible concern about economic instability and inflation stemming from the Iran War.

Since bonds pay a given investor a fixed amount each year, the specter of inflation risks higher prices that would eat away at those annual payouts.

In turn, bonds often become less attractive in response to economic turmoil. When demand falls, bond yields rise.

ABC News’ Jon Haworth, Jack Moore, Nadine El-Bawab, David Brennan, Kevin Shalvey, Meredith Deliso and Leah Sarnoff contributed to this report.

Copyright © 2026, ABC Audio. All rights reserved.