US stocks fall as oil surges past $100 on deepening Middle East tensions, Meta jumps 5.5%, AMD gains 3.49%

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US stocks declined on Wednesday as a sharp jump in crude oil prices added to investor concerns, with oil crossing the market-sensitive $100-a-barrel threshold for the first time since July as tensions in the Middle East intensified.
Brent crude futurhttps://www.livemint.com/news/us-news/usiran-war-live-updates-us-base-jordan-iranian-tankers-multiple-missiles-launched-strait-of-hormuz-trump-rubio-houthis-11788916382737.htmles climbed above $101 a barrel amid an escalation in the US-Iran conflict after US attacks destroyed five Iranian oil tankers.
At 11:53 a.m. ET, the Dow Jones Industrial Average fell 397.51 points, or 0.75%, to 52,390.60, the S&P 500 shed 34.18 points, or 0.45%, to 7,639.34, and the Nasdaq Composite lost 163.17 points, or 0.62%, to 26,258.24.
At the open, the Dow Jones Industrial Average fell 78.2 points, or 0.15%, to 52,707.9. The S&P 500 fell 12.8 points, or 0.17%, to 7,660.68, while the Nasdaq Composite dropped 96.4 points, or 0.36%, to 26,325.061.
Iran's Revolutionary Guards claimed they had attacked two US vessels, eight oil tankers and 10 "non-compliant vessels" attempting to pass through the Strait of Hormuz, according to Iranian state media.
The developments have raised concerns about potential disruptions to oil supplies and added another source of uncertainty for global financial markets.
Higher oil prices could further complicate the inflation outlook by increasing costs across the globe.
Market participants are now turning their attention to upcoming US inflation data for clues about the Federal Reserve's next interest-rate decision.
The Consumer Price Index (CPI) report is due on Friday, while Producer Price Index (PPI) data is scheduled for Thursday.
The figures will be closely watched after recent jobs data influenced expectations for the Fed's policy path. Futures markets are currently pricing in around a 60% probability that the US central bank will raise interest rates later this month.
Among major stock movers, semiconductor shares were mixed.
Arm Holdings gained 4.11%, while AMD advanced 3.49%. Nvidia, however, slipped 0.49%.
Meta Platforms shares jumped 5.5% after the Facebook parent launched its long-awaited AI assistant with capabilities that allow it to perform tasks autonomously.
The AI assistant can reportedly send emails, sell a car and book travel on behalf of users.
Dow shares fell about 1% after a Bloomberg News report said the chemicals company was considering withdrawing from its $20 billion partnership with Saudi Aramco.
Apple stock dropped 1.1% ahead of its first launch event under new CEO John Ternus.
Gold prices climbed on Wednesday as the US dollar remained under pressure, while investors awaited key inflation data this week.
By 10:17 a.m. EDT (1417 GMT), spot gold jumped 1.5% to $4,417.19 per ounce and US gold futures for December delivery gained 0.5% to $4,461.60.
Among other metals, spot silver gained 3.3% to $67.94 per ounce, platinum climbed 5.3% to $1,909.58, and palladium rose 1.3% to $1,366.61.
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