Dow sheds over 500 points at close; Nasdaq slides 2%

Wall Street ended Thursday's session lower as escalating Middle East tensions pushed oil prices above $100 a barrel, while major technology stocks came under heavy pressure.

At the close, the Dow Jones Industrial Average fell 0.97%, or 506 points, to 51,711.

The S&P 500 declined 1.21%, or 90 points, to 7,408, while the Nasdaq Composite dropped 2.15%, or 553 points, to 25,137.

The STOXX Europe 600 index fell 1.18% to 639.

The UK's FTSE 100 lost 0.73% to 10,639, Germany's DAX declined 1.56% to 24,763, and France's CAC 40 dropped 1.64% to 8,299.

Japan’s Nikkei 225 rose 0.46% to 66,422, while the broader TOPIX gained 0.51% to 4,053.

Brent crude futures for September delivery surged 7%, or $6.62, to $100.69 a barrel.

WTI crude futures for August delivery climbed 6.17%, or $5.36, to $92.19 a barrel.

Meanwhile, gold futures for August delivery fell 2.45%, or $101.70, to $4,050.20 per ounce.

What drove the markets?

Markets came under heavy pressure as oil prices surged amid escalating US-Iran tensions, while concerns over AI-related spending intensified following earnings reports from Alphabet and Tesla.