New York Stock Exchange Closes Friday Lower

(MENAFN) The US stock market ended lower on Friday, pressured by escalating tensions between the US and Iran and sharp declines in alternative asset managers’ shares.

The Dow Jones Industrial Average dropped 0.54%, or 267.5 points, closing at 49,395.16. The Nasdaq slid 0.31%, losing 70.91 points to finish at 22,682.73, while the S&P 500 retreated 0.28%, or 19.42 points, to 6,861.89.

Investor anxiety was reflected in the Volatility Index (VIX), widely known as the “fear index,” which rose 3.11% to 20.23 points.

Geopolitical concerns dominated market sentiment as reports of mounting US-Iran tensions circulated. Commenting on the situation, US President Donald Trump said: “It’s proven to be, over the years, not easy to make a meaningful deal with Iran, and we have to make a meaningful deal. Otherwise bad things happen."

Oil prices continued their upward trajectory amid the uncertainty, with Brent and West Texas Intermediate (WTI) crude both gaining more than 2% during the session.

Meanwhile, the market felt additional pressure after alternative asset management firm Blue Owl Capital limited withdrawals from one of its funds and opted to liquidate $1.4 billion in assets across three of its funds. The firm’s shares tumbled 5.9%, while other asset managers followed suit, with Blackstone declining 5.4% and Apollo Global Management down 5.2%.

Retail giant Walmart also weighed on sentiment after releasing quarterly results. Although the company exceeded revenue and profit expectations for the three-month period, its profit forecast for the full fiscal year fell short. As a result, Walmart shares slipped 1.4%.

On the economic data front, initial jobless claims in the US dropped by 23,000 to 206,000 for the week ending February 14, falling below market expectations. Conversely, the US trade deficit widened sharply, rising 32.6% to $70.3 billion in December, the largest monthly gap since July.

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