Wall Street's worst fall since Iran war escalates market turmoil. The Dow Jones dropped 469 points while the Nasdaq plummeted 2.4 percent, officially entering correction territory after declining over 10 percent from its recent peak. Rising geopolitical tensions around the Strait of Hormuz, a critical global oil shipping route, have sent Brent crude surging above 100 dollars per barrel. This spike intensifies inflation concerns and pressures Treasury yields higher, dampening investor expectations for Federal Reserve rate cuts. Stock markets tumbled across Asia and Europe as optimism about potential Iran war resolution evaporated. Iran rejected direct talks and dismissed a US ceasefire proposal delivered through Pakistan.
