economy
Here are 3 themes that drove another super challenging week for stocks
The Iran war carnage on Wall Street is ever-widening.
TL;DR
- The Dow and Nasdaq entered correction territory (10% or more decline from record highs) due to the war in Iran and soaring oil prices.
- West Texas Intermediate crude exceeded $99 per barrel, and Brent crude surpassed $112 per barrel, reaching their highest settlement prices since July 2022.
- News about Anthropic's new AI model testing led to a decline in enterprise software stocks, including cybersecurity and social media companies.
- Meta Platforms' stock dropped significantly after losing two social media addiction lawsuits.
- Jim Cramer expressed concerns about the stock market's recovery while the Strait of Hormuz remains closed and oil prices are high.
- Despite market downturns, Cramer sees potential opportunities in CrowdStrike and Meta Platforms.
- Costco experienced a stock rise, benefiting from increased shoppers at its fuel stations and its standalone gas station experiment.