The New York stock market opened lower as military tensions between the United States and Iran persisted and weaker-than-expected jobs data added pressure.
As of 11:41 a.m. on the 6th (local time), the Dow Jones Industrial Average on the New York Stock Exchange fell 511.91 points, or 1.07%, to 47,442.83 from the previous session.
At the same time, the Standard & Poor's (S&P) 500 fell 70.50 points, or 1.03%, to 6,760.06, and the Nasdaq composite was down 186.24 points, or 0.82%, at 22,562.74.
Concerns that the clash between the United States and Iran could last longer than expected weighed on investor sentiment. With military conflict between the two countries entering a seventh day, U.S. President Donald Trump said on his social media, Truth Social, that "there is no deal with Iran other than 'unconditional surrender.'" The market interpreted the remark as hinting at the possibility of a prolonged war.
If the situation in the Middle East worsens, upward pressure on international oil prices could also increase. Saad Al-Kaabi, Qatar's energy minister, said in an interview with the Financial Times (FT) that if the Middle East war escalates, energy exporters in the Gulf could halt shipments within days. He also projected that if passage through the Strait of Hormuz becomes difficult, crude prices could soar to $150 per Barrel within the next few weeks.
In addition, weaker-than-expected nonfarm employment data for February negatively affected stocks. According to the U.S. Department of Labor, February nonfarm employment decreased by 92,000 from the previous month. That was well below experts' expectations for an increase of 50,000.
European stocks also fell across the board. The Euro Stoxx 50 was down 1.37% from the previous session at 5,703.43 in transaction. The United Kingdom's FTSE 100 and France's CAC 40 fell 1.24% and 0.93%, respectively, while Germany's DAX declined 1.19% from the previous session.