Dow tumbles and gas prices jump as war and weak jobs report rattle market

Market Overview - The market experienced significant volatility due to geopolitical tensions, particularly in the Middle East, leading to the sharpest weekly increase in gas prices since March 2022 [1][5] - The Dow Jones Industrial Average fell 2.1% for the week, marking its worst weekly performance since October, with an additional drop of 320 points following a weak jobs report [2] - The S&P 500 and Nasdaq also opened lower, with declines of 0.9% and 1.44% respectively, as the S&P 500 erased all gains from 2026 [2] Oil Market Dynamics - Brent crude oil prices reached $90 per barrel for the first time since April 2024, with a weekly increase of 24%, while West Texas Intermediate surged nearly 30% to $87.46, marking the largest weekly jumps since early COVID-19 pandemic [3] - The Strait of Hormuz, a critical passage for about 20% of the world's oil supply, has been effectively shut down for seven days due to escalating conflicts, leaving approximately 140 million barrels stranded [4] Gasoline Prices - The national average price for regular gasoline increased by nearly 27 cents in one week to $3.25 per gallon, with a further rise to about $3.32 by Friday, representing the sharpest weekly increase since March 2022 [5] Stock Market Sector Performance - The Dow's decline was influenced by significant drops in industrials, materials, and healthcare sectors, each falling more than 2%, while the passenger-airlines group dropped 5.4%, with Southwest Airlines losing 6.9% [6] - In contrast, the technology and energy sectors provided some support, with Chevron rising 3.9% and Broadcom gaining 4.8%, helping the Nasdaq maintain small weekly gains [7]