US stocks plunge over 1% as Iran tensions and Amazon's freight move rattle markets

Major US stock indexes fell sharply today, with all closing more than 1% lower. Renewed tensions between the U.S. and Iran added to investor concerns. The declines were widespread across sectors, with industrials and technology among the hardest hit. The Dow Jones Industrial Average dropped 953.33 points, or 1.87%, ending the day at 49,918.78. The S&P 500 also saw significant losses, falling 119.66 points, or 1.62%, to 7,266.99. President Donald Trump stated the U.S. would attack Iran again if no peace deal was reached, fuelling further uncertainty.

Industrial stocks led the decline, with the sector falling 3.4%. Shares of trucking companies XPO, J.B. Hunt, and Old Dominion fell after Amazon announced plans to expand its less-than-truckload freight services in the U.S.

Technology stocks also struggled. The S&P 500 technology sector closed 11% below its record high from June 2, confirming a correction. Nvidia and Broadcom were among the biggest drags on the index. Chipmaker shares extended recent losses, with a semiconductor index dropping 3.6%. The market downturn reflected broad investor unease. Technology and industrial sectors suffered the steepest losses. Analysts noted that geopolitical tensions and corporate competition contributed to the day’s sharp declines.