Dow Slides as Oil Prices Climb to Highest in Five Months -- WSJ

By Ed Ballard

Oil prices continue to climb as concerns mount that the U.S.-Iran conflict could soon escalate, sending stocks lower.

Brent crude is poised to close today at its highest level since April. The U.S. is sending additional forces to the Middle East, and Iran warned it would strike civilian targets in neighboring countries if the U.S. and Israel restart their air campaign.

The Dow slid about 500 points, dragged down in part by a 4% decline in American Express shares, while the Nasdaq pared losses and traded near flat, a sign the AI rout could be moderating after yesterday's selloff.

Still, signs of stress in the AI trade continued overnight, with SK Hynix yanking the planned U.S. IPO of its memory-chip business. The Korean chipmaker has been among the AI boom's chief beneficiaries.

Treasury yields are rebounding somewhat after an investor flight for safety led to the largest one-day decline in 3 ½ years yesterday.

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(END) Dow Jones Newswires

October 23, 2026 14:04 ET (18:04 GMT)