New York Stocks Surge as Oil Prices Drop

As international oil prices fell following a ceasefire decision between the US and Iran, major stock indices on the New York stock market all rose significantly on the 8th (local time).

As of 4 AM KST on the 9th, one hour before the US regular market close, the Dow Jones Industrial Average, centered on blue-chip stocks, was up 2.36% to 47,686.02. The tech-heavy Nasdaq Composite Index had risen 2.33% to 22,530.25. The S&P 500 Index, focused on large-cap stocks, was trading up 2.06% at 6,753.33, while the Russell 2000 Index, tracking small and mid-cap stocks, was up 2.41% to 2,606.37.

The price of West Texas Intermediate (WTI) crude for May delivery plummeted by 15.45% to $95.50 per barrel. The S&P energy sector on the New York stock market fell 4.06% to 887.52.

Airline, cruise, and travel-related stocks, classified as beneficiaries of lower oil prices, are rising. Delta Air Lines (DAL) is up 4.26%, United Airlines (UAL) is up 8.02%, Royal Caribbean Cruises (RCL) is up 3.86%, and Wynn Resorts (WYNN) is up 5.13%.

Big tech and semiconductor equipment sectors are also showing broad strength. Meta Platforms (META) is trading up 6.31%, Amazon.com (AMZN) is up 3.11%, and Alphabet Class A is up 3.94%. Among semiconductor equipment stocks, Lam Research (LRCX) is up 8.13%, ASML Holding is up 8.10%, Applied Materials (AMAT) is up 7.71%, and KLA Corp is up 6.61%.

According to the White House, Vice President Vance and others are scheduled to travel to Pakistan this weekend for negotiations with Iran.