US stock market crashes today: Why Dow Jones, S&P 500, Nasdaq are down today as oil prices surge — Gold and silver prices fall too

Market Overview - The US stock market experienced a significant decline on March 6, 2025, with the Dow Jones dropping 398 points (0.8%), the S&P 500 declining 0.4%, and the Nasdaq slipping 0.17% after a strong rally the previous day [7][29] - The market pullback was primarily driven by a sharp increase in oil prices, geopolitical tensions with Iran, and concerns over new tariffs [9][26] Oil Prices and Geopolitical Tensions - Crude oil prices surged over 4%, with West Texas Intermediate (WTI) reaching $77.71 per barrel, the highest since June 2025, and Brent crude climbing above $83 per barrel [12][13] - The spike in oil prices was triggered by reports of Iran launching a missile at an oil tanker, raising fears of supply disruptions in the Persian Gulf, which is critical as it handles about 20% of the world's oil shipments [14][15] - President Trump's announcement of US plans to provide risk insurance and naval escorts for ships in the Persian Gulf added to market uncertainty [15][26] Economic Data and Market Sentiment - Mixed economic signals emerged from the US, with labor productivity increasing by 2.8% in Q4, surpassing expectations, while unit labor costs also rose by 2.8%, raising inflation concerns [18][19] - Initial unemployment claims were reported at 213,000, slightly below expectations, indicating a stable labor market, but continuing claims rose to 1.87 million, suggesting some workers are facing longer job searches [20][21] - These economic indicators contributed to a cautious investor sentiment, leading to profit-taking across various asset classes, including equities and cryptocurrencies [4][29] Sector Performance - Despite the broader market decline, certain stocks like Intel, Tesla, and Plug Power saw notable gains, with Intel rising 5.75% to $45.58 and Tesla climbing 3.44% to $405.94 [10][29] - In the commodities market, gold prices fell to $5,118.60 per ounce, and silver dropped to $82.64, as investors reassessed risk amid geopolitical tensions [22][28] - The cryptocurrency market also faced declines, with Bitcoin dropping to $72,131 and Ethereum falling to $2,104, reflecting a broader risk-off sentiment among investors [30]