Wall Street stocks slipped early Thursday, after oil prices soared on reports that the United States could launch fresh attacks on Iran before key midterm elections. The Dow Jones Industrial Average dipped 0.2 percent to 51,074.31, while the broad-based S&P 500 Index lost 0.3 percent to 7,776.28. The tech-focused Nasdaq Composite Index retreated 0.5 percent to 27,405.11, AFP reported. The gloomier start was "based on two factors that have been haunting the market: both oil prices rising sharply and also (bond) yields that are returning to yesterday's peak levels," said Peter Cardillo of Spartan Capital Securities. He told AFP that these will be an "ongoing problem for the market in the near term." Cardillo said that oil prices have jumped as US President Donald Trump said he did not want to deal with Iran. "And now it looks as though there's been a shift in strategy from an economic squeeze on the Iranian economy to a new round of massive bombing," he warned. After reports that Washington could open new attacks against Iran, international benchmark Brent North Sea crude rallied to $105.46 per barrel. The main US contract, West Texas Intermediate rose to $92.82 per barrel before cooling slightly. Meanwhile, the yield on the 10-year Treasury note advanced to 5.3 percent and that on the 30-year note was at 5.7 percent.
